Common use of Preservation of Employee Benefit Plans Clause in Contracts

Preservation of Employee Benefit Plans. Following the Closing Date, HOLDING shall not require that the COMPANY terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as HOLDING is able to replace such plan with a plan that is applicable to HOLDING and all of its then existing subsidiaries. HOLDING shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, that any new health insurance plan shall provide for coverage for preexisting conditions. Notwithstanding the foregoing, on or following the Closing Date, HOLDING may require that the COMPANY freeze or terminate any defined benefit pension plans in effect at the COMPANY at any time, subject to applicable laws, and HOLDING shall have no obligation to provide replacement defined benefit pension plans.

Preservation of Employee Benefit Plans. Following the Closing Date, HOLDING shall not require that the COMPANY terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as HOLDING is able to replace such plan with a plan that is applicable to HOLDING and all of its then existing subsidiaries. HOLDING shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, that any new health insurance plan shall provide for 49 coverage for preexisting conditions. Notwithstanding the foregoing, on or following the Closing Date, HOLDING may require that the COMPANY freeze or terminate any defined benefit pension plans in effect at the COMPANY at any time, subject to applicable laws, and HOLDING shall have no obligation to provide replacement defined benefit pension plans.