Common use of Present Value of Benefits Clause in Contracts

Present Value of Benefits. The present value of all accrued ------------------------- benefits under any Plans subject to Title IV of ERISA shall not, as of the Recap Closing Date, exceed the value of the assets of such Plans allocated to such accrued benefits, based upon the applicable provisions of the Code and ERISA, and each such Plan shall be capable of being terminated as of the Recap 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 their respective ERISA Affiliates to the Pension Benefit Guaranty Corporation 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 without limitation the termination of the Plans at or prior to the Recap Closing, shall not result in any such withdrawal or other liability under any applicable Laws.

Present Value of Benefits. The present value of all accrued ------------------------- benefits under any Plans Plan subject to Title IV of ERISA shall not, as of the Recap Closing Date, exceed the value of the assets of such Plans 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 Recap 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 Company, any of its Subsidiaries or any of their respective ERISA Affiliates to the Pension Benefit Guaranty Corporation PBGC or to any "multi-employer plan," as defined in Section 3(37) of ERISA on account of any withdrawal therefrom, 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 the Plans any Plan at or prior to the Recap Closing, shall not result in any such withdrawal or other liability under any applicable Laws.

Present Value of Benefits. The present value of all accrued ------------------------- benefits under any Plans Plan subject to Title IV of ERISA shall not, as of the Recap Closing Date, exceed the value of the assets of such 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 Recap 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 Company, any of its Subsidiaries or any of their respective ERISA Affiliates to the Pension Benefit Guaranty Corporation PBGC or to any "multi-employer plan,Plan" as defined in Section 3(37) of ERISA on account of any withdrawal therefrom, 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 the Plans any Plan at or prior to the Recap Closing, shall not result in any such withdrawal or other liability under any applicable Laws.