Common use of Plans and Documents Clause in Contracts

Plans and Documents. For purposes of this Agreement, “Seller Plans” shall mean (i) all employee benefit plans and all bonus, stock option, stock purchase, restricted stock, incentive, deferred compensation, retiree medical or life insurance, supplemental retirement, severance or other benefit plans, programs or arrangements and all employment, termination, severance or other contracts or agreements, to which the Company, any Subsidiary or any Group Company is a party, with respect to which the Company, any Subsidiary or any Group Company has any obligation or which are maintained, contributed to or sponsored by the Company, any Subsidiary or any Group Company for the benefit of any current or former employee, officer or director of the Company, any Subsidiary or any Group Company and (ii) each employee benefit plan for which the Company, any Subsidiary or any Group Company has any actual or contingent liability. The Seller has made available to the Purchaser a complete and accurate copy of each Seller Plan, including (if applicable) (A) each trust or other funding arrangement related to such Seller Plan, and (B) the most recently prepared actuarial report and financial statement for such Seller Plan. Neither the Company, any Subsidiary nor any Group Company has any legally binding commitment (I) to create, incur material liability with respect to or cause to exist, any other material employee benefit plan, program or arrangement, (II) to enter into any contract or agreement to provide material compensation or material benefits to any individual or (III) to modify, change or terminate any material Seller Plan, other than, in each case of clause (I), (II) or (III) above, with respect to a modification, change or termination required by applicable Law or by the terms of any Seller Plan, or with respect to the regularly scheduled renewal or extension, in the ordinary course of business consistent with past practice, of any Seller Plan.