Common use of Pension and Employee Benefit Plans Clause in Contracts

Pension and Employee Benefit Plans. (a) To the knowledge of Acquired Corporation, all employee benefit plans of Acquired Corporation and the Bank have been established in compliance with, and such plans have been operated in material compliance with, all applicable Laws. Except as may have been previously disclosed to SSFC, neither Acquired Corporation nor the Bank sponsors or otherwise maintains a "pension plan" within the meaning of section 3(2) of ERISA or any other retirement plan other than the defined benefit plan of Acquired Corporation that is intended to qualify under section 401 of the Code, nor do any unfunded Liabilities exist with respect to any employee benefit plan, past or present. To the knowledge of Acquired Corporation, no employee benefit plan, any trust created thereunder or any trustee or administrator thereof has engaged in a "prohibited transaction," as defined in section 4975 of the Code, which may have a material adverse effect on the condition, financial or otherwise, of any Acquired Corporation Company. (b) To the knowledge of Acquired Corporation, no amounts payable to any employee of Acquired Corporation or the Bank will fail to be deductible for federal income tax purposes by virtue of Section 280G of the Code and regulations thereunder.

Pension and Employee Benefit Plans. (a) To the knowledge Knowledge of Acquired Corporation, all employee benefit plans of each Acquired Corporation and the Bank Company have been established in compliance with, and such plans have been operated in material compliance with, all applicable Laws. Except as may have been previously disclosed to SSFCset forth in Schedule 5.16, neither no Acquired Corporation nor the Bank Company sponsors or otherwise maintains a "pension plan" within the meaning of section 3(2) of ERISA or any other retirement plan other than the defined benefit Section 401K plan of Acquired Corporation that is intended to qualify under section 401 of the Code, nor do any unfunded Liabilities exist with respect to any employee benefit plan, past or present. To the knowledge Knowledge of Acquired Corporation, no employee benefit plan, any trust created thereunder or any trustee or administrator thereof has engaged in a "prohibited transaction," as defined in section 4975 of the Code, which may have a material adverse effect Material Adverse Effect on the condition, financial or otherwise, of any Acquired Corporation Company. (b) To the knowledge Knowledge of Acquired Corporation, no amounts payable to any employee of any Acquired Corporation or the Bank Company will fail to be deductible for federal income tax purposes by virtue of Section 280G of the Code and regulations thereunder.

Pension and Employee Benefit Plans. (a) To the knowledge Knowledge of Acquired CorporationSeller and Union, all employee benefit plans of each Acquired Corporation and the Bank Company have been established in compliance with, and such plans have been operated in material compliance with, all applicable Laws. Except as may have been previously disclosed to SSFCset forth in Schedule 3.16, neither no Acquired Corporation nor the Bank Company sponsors or otherwise maintains a "“pension plan" ” within the meaning of section 3(2) of ERISA or any other retirement plan other than the defined benefit Section 401K plan of Acquired Corporation Union that is intended to qualify under section 401 of the Code, nor do any unfunded Liabilities exist with respect to any employee benefit plan, past or present. To the knowledge Knowledge of Acquired CorporationSeller and Union, no employee benefit plan, any trust created thereunder or any trustee or administrator thereof has engaged in a "“prohibited transaction," ” as defined in section 4975 of the Code, which may have a material adverse effect on the condition, financial or otherwise, of any Acquired Corporation CompanyMaterial Adverse Effect. (b) To the knowledge Knowledge of Acquired CorporationSeller and Union, no amounts payable to any employee of any Acquired Corporation or the Bank Company will fail to be deductible for federal income tax purposes by virtue of Section 280G of the Code and regulations thereunder.