Common use of Preservation of Plans Clause in Contracts

Preservation of Plans. For a period of five (5) years following the Closing Date, URSI will use its best efforts to maintain in full force and effect each Plan listed in Schedule 10.9, and if any such Plan is a Qualified Plan, will continue to make contributions to such Plan at or above the level stated in Schedule 10.9, unless and until (i) in the case of any Qualified Plan listed in Schedule 10.9, URSI establishes a defined contribution plan intended to qualify under Section 401(a) of the Code and makes contributions to such plan at or above the level stated in Schedule 10.9, or (ii) in the case of each other Plan, URSI establishes a replacement Plan providing equivalent or better benefits, provided that if the cost of providing equivalent benefits should, in the good faith judgment of URSI, become commercially unreasonable, the replacement plan established by URSI may have benefits that are, in the good faith judgment of URSI, as close to equivalent as can be obtained at commercially reasonable cost. There are no intended third party beneficiaries of this Section 10.9, and after the Closing Date it can be waived or modified by URSI and STOCKHOLDERS (or their successors) shown as owning two-thirds of COMPANY Stock on Annex II.