Common use of FUNDED STATUS OF PLANS AND RIGHTS TO TERMINATE Clause in Contracts

FUNDED STATUS OF PLANS AND RIGHTS TO TERMINATE. With respect to each Title IV Plan, the present value of all accrued benefits under each such Plan, based upon the actuarial assumptions used for funding purposes in the most recent actuarial report prepared by each such Plan's actuary with respect to each such Plan did not exceed, as of the most recent valuation date, the then current value of assets of such Plan, allocable to each accrued benefit. No provision of any such Plan, nor any amendment thereto, would result in any limitation on the Seller or the Seller Subsidiaries rights to terminate each such Plan and to receive any residual amounts under Section 4044 of ERISA.

Appears in 3 contracts

Samples: Merger Agreement (Life Financial Corp), Merger Agreement (Marshall & Ilsley Corp/Wi/), Merger Agreement (Firstplus Financial Group Inc)

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FUNDED STATUS OF PLANS AND RIGHTS TO TERMINATE. With respect to each Title IV Plan, the present value of all accrued benefits under each such Plan, based upon the actuarial assumptions used for funding purposes in the most recent actuarial report prepared by each such Plan's actuary with respect to each such Plan did not exceed, as of the most recent valuation date, the then current value of assets of such Plan, allocable to each accrued benefit. No provision of any such Plan, nor any amendment thereto, would result in any limitation on the Seller rights of Central Utah or the Seller Central Utah Subsidiaries rights to terminate each such Plan and to receive any residual amounts under Section 4044 of ERISA.

Appears in 1 contract

Samples: Stock Purchase Agreement (Lynch Interactive Corp)

FUNDED STATUS OF PLANS AND RIGHTS TO TERMINATE. With respect to each ------------------------------------------------ Title IV Plan, the present value of all accrued benefits under each such Plan, based upon the actuarial assumptions used for funding purposes in the most recent actuarial report prepared by each such Plan's actuary with respect to each such Plan did not exceed, as of the most recent valuation date, the then current value of assets of such Plan, allocable to each accrued benefit. No provision of any such Plan, nor any amendment thereto, would result in any limitation on the Seller or the Seller Subsidiaries rights of any COTC Company to terminate each such Plan and to receive any residual amounts under Section 4044 of ERISA.

Appears in 1 contract

Samples: Stock Purchase Agreement (Lynch Interactive Corp)

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FUNDED STATUS OF PLANS AND RIGHTS TO TERMINATE. With respect to each Title IV Plan, the present value of all accrued benefits under each such Plan, based upon the actuarial assumptions used for funding purposes in the most recent actuarial report prepared by each such Plan's actuary with respect to each such Plan did not exceed, as of the most recent valuation date, the then current value of assets of such Plan, Plan allocable to each accrued benefit. No provision of any such Plan, nor any amendment thereto, would result in any limitation on the Seller or the Seller Seller's Subsidiaries rights rights, or Buyer's request, to terminate each such Plan and to receive any residual amounts under Section 4044 of ERISA.

Appears in 1 contract

Samples: Merger Agreement (Marshall & Ilsley Corp/Wi/)

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