Common use of ORTHODONTIC ENTITY EMPLOYEE BENEFIT PLANS Clause in Contracts

ORTHODONTIC ENTITY EMPLOYEE BENEFIT PLANS. (a) Effective immediately before the Acquisition Closing Date, the Orthodontic Entity and Orthodontist shall freeze or terminate all "employee benefit plans" (as that term is defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that are (i) sponsored or maintained by the Orthodontic Entity or Orthodontist and (ii) are set forth on SCHEDULE 4.8(A) (the "Practice Plans"). In connection with such actions, all account balances and accrued benefits under all tax-qualified Practice Plans (within the meaning of Section 401(a) of the Code) shall be made fully vested and nonforfeitable.