Present Value of Benefits. The present value of all accrued benefits under any Plan subject to Title IV of ERISA shall not, as of the Closing, exceed the value of the assets of such Plan allocated to such accrued benefits, based upon the applicable provisions of the Internal Revenue Code and ERISA, and each such Plan shall be capable of being terminated as of the Closing in a “standard termination” under Section 4041(b) of ERISA. With respect to each Plan that is subject to Title IV of ERISA, (i) no amount is due or owing from the Company, any of its Subsidiaries or any of their respective ERISA Affiliates to the PBGC or to any “multi-employer plan” as defined in Section 3(37) of ERISA on account of any withdrawal therefrom and (ii) no such Plan has been terminated other than in accordance with ERISA or at a time when the Plan was not sufficiently funded. The transactions contemplated hereunder, including the termination of any Plan at or prior to the Closing, shall not result in any such withdrawal liability.
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Samples: Merger Agreement (Emulex Corp /De/)
Present Value of Benefits. The present value of all accrued benefits under any Plan subject to Title IV of ERISA shall not, as of the ClosingClosing Date, exceed the value of the assets of such Plan Plans allocated to such accrued benefits, based upon the applicable provisions of the Internal Revenue Code and ERISA, and each such Plan shall be capable of being terminated as of the Closing Date in a “"standard termination” " under Section 4041(b) of ERISA. With respect to each Plan that is subject to Title IV of ERISA, (i) no amount is due or owing from the Company, Company or any of its Subsidiaries or any of their respective ERISA Affiliates to the PBGC or to any “"multi-employer plan” Plan" as defined in Section 3(37) of ERISA on account of any withdrawal therefrom and (ii) no such Plan has been terminated other than in accordance with ERISA or at a time when the Plan was not sufficiently funded. The transactions contemplated hereunder, including the termination of any Plan at or prior to the Closing, shall not result in any such withdrawal liabilityor other liability under any applicable Laws.
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Samples: Merger Agreement (Broadcom Corp)
Present Value of Benefits. The present value of all accrued benefits under any Plan subject to Title IV of ERISA shall not, as of the ClosingClosing Date, exceed the value of the assets of such Plan Plans allocated to such accrued benefits, based upon the applicable provisions of the Internal Revenue Code and ERISA, and each such Plan shall be capable of being terminated as of the Closing Date in a “"standard termination” " under Section 4041(b) of ERISA. With respect to each Plan that is subject to Title IV of ERISA, (i) no amount is due or owing from the Company, or any of its Subsidiaries or any of their respective ERISA Affiliates to the PBGC or to any “"multi-employer plan” Plan" as defined in Section 3(37) of ERISA on account of any withdrawal therefrom and (ii) no such Plan has been terminated other than in accordance with ERISA or at a time when the Plan was not sufficiently funded. The transactions contemplated hereunder, including the termination of any Plan at or prior to the Closing, shall not result in any such withdrawal liabilityor other liability under any applicable Laws.
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Samples: Merger Agreement (Broadcom Corp)
Present Value of Benefits. The present value of all accrued benefits under any Plan Plans subject to Title IV of ERISA shall not, as of the ClosingClosing Date, exceed the value of the assets of such Plan Plans allocated to such accrued benefits, based upon the applicable provisions of the Internal Revenue Code and ERISA, and each such Plan shall be capable of being terminated as of the Closing Date in a “"standard termination” " under Section 4041(b) of ERISA. With respect to each Plan that is subject to Title IV of ERISA, (i) no amount is due or owing from the Company, Company or any of its Subsidiaries or any of their respective ERISA Affiliates to the PBGC Pension Benefit Guaranty Corporation or to any “"multi-employer plan” Plan" as defined in Section 3(37) of ERISA on account of any withdrawal therefrom and (ii) no such Plan has been terminated other than in accordance with ERISA or at a time when the Plan plan was not sufficiently funded. The transactions contemplated hereunder, including without limitation the termination of any Plan the Plans at or prior to the Closing, shall not result in any material such withdrawal liabilityor other liability under any applicable Laws.
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Present Value of Benefits. The present value of all accrued benefits under any Plan subject to Title IV of ERISA shall not, as of the ClosingClosing Date, exceed the value of the assets of such Plan Plans allocated to such accrued benefits, based upon the applicable provisions of the Internal Revenue Code and ERISA, and each such Plan shall be capable of being terminated as of the Closing Date in a “"standard termination” " under Section 4041(b) of ERISA. With respect to each Plan that is subject to Title IV of ERISA, (i) no amount is due or owing from the Company, any of its Subsidiaries Subsidiary or any of their respective ERISA Affiliates to the PBGC PGBC or to any “"multi-employer plan” Plan" as defined in Section 3(37) of ERISA on account of any withdrawal therefrom and (ii) no such Plan has been terminated other than in accordance with ERISA or at a time when the Plan was not sufficiently funded. The transactions contemplated hereunder, including without limitation the termination of any Plan at or prior to the Closing, shall not result in any such withdrawal liabilityor other liability under any applicable Laws.
Appears in 1 contract
Samples: Merger Agreement (Broadcom Corp)
Present Value of Benefits. The present value of all accrued benefits under any Plan subject to Title IV of ERISA shall not, as of the ClosingClosing Date, exceed the value of the assets of such Plan Plans allocated to such accrued benefits, based upon the applicable provisions of the Internal Revenue Code and ERISA, and each such Plan shall be capable of being terminated as of the Closing Date in a “"standard termination” " under Section 4041(b) of ERISA. With respect to each Plan that is subject to Title IV of ERISA, (i) no amount is due or owing from the Company, or any of its Subsidiaries or any of their respective ERISA Affiliates to the PBGC or to any “"multi-employer plan” Plan" as defined in Section 3(37) of ERISA on account of any withdrawal therefrom and (ii) no such Plan has been terminated other than in accordance with ERISA or at a time when the Plan was not sufficiently funded. The transactions contemplated hereunder, including including, the termination of any Plan at or prior to the Closing, shall not result in any such withdrawal liabilityor other liability under any applicable Laws.
Appears in 1 contract
Samples: Merger Agreement (Broadcom Corp)
Present Value of Benefits. The present value of all accrued ------------------------- benefits under any Plan Plans subject to Title IV of ERISA shall not, as of the ClosingClosing Date, exceed the value of the assets of such Plan Plans allocated to such accrued benefits, based upon the applicable provisions of the Internal Revenue Code and ERISA, and each such Plan shall be capable of being terminated as of the Closing Date in a “"standard termination” " under Section 4041(b) of ERISA. With respect to each Plan that is subject to Title IV of ERISA, (i) no amount is due or owing from the Company, Company or any of its Subsidiaries or any of their respective ERISA Affiliates to the PBGC Pension Benefit Guaranty Corporation or to any “"multi-employer plan” Plan" as defined in Section 3(37) of ERISA on account of any withdrawal therefrom and (ii) no such Plan has been terminated other than in accordance with ERISA or at a time when the Plan plan was not sufficiently funded. The transactions contemplated hereunder, including without limitation the termination of any Plan the Plans at or prior to the Closing, shall not result in any material such withdrawal liabilityor other liability under any applicable Laws.
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