PURCHASERS AND SELLERS OBLIGATIONS. Seller must provide to Buyer or their representatives a 40 year Search, any existing surveys, taxes, and proposed deed 10 days prior to the Contract closing date. Purchaser or their representative must provide a list of title defects to be cured 5 days prior to the Contract closing. Should Seller be unable to cure title defects, including providing insurable title, within 30 days after the Contract closing date, either party may cancel this Contact. If there are compliance certificates required by any governmental agency or required for transfer of the Property, these will be the responsibility of the Purchaser to be obtained post-closing.
PURCHASERS AND SELLERS OBLIGATIONS. (i) Within 28 days after the date hereof, the Purchaser must provide to the Seller particulars of the Purchaser’s Scheme. The Purchaser’s Scheme will:
(a) be an exempt approved scheme or capable of being exempt approved;
(b) satisfy the requirements for either alternative schemes or the Pension Scheme (as both terms are defined in the 1990 Regulations) in respect of the benefits to be provided to the Protected Employees; and
(c) be a contracted-out scheme capable of accepting liability to provide guaranteed minimum pensions and section 9(2B) rights (both as defined in the Pension Schemes Act 1993) from the ALSTOM Scheme in respect of the Consenting Members. Subject to the receipt of the whole of the Transfer Amount the Purchaser’s Scheme will provide benefits in respect of the Consenting Members’ pensionable service before the Closing Date (including any credited pensionable service which counts as Pensionable Service in the ALSTOM Scheme) which, as agreed by the Purchaser’s Actuary and the Seller’s Actuary (or in default of agreement as settled under Clause 15.3 (xv)), satisfy the requirements of the 1990 Regulations.
(ii) Within 45 days after the date hereof the Purchaser must provide to the Seller notices to the Member Employees offering membership of the Purchaser’s Scheme for future service on and from the Closing Date (the “Notices”), together with a list of the Member Employees to whom each Notice should be provided. The Notice to be provided to the Protected Employees will:
(a) explain the options available in respect of their accrued rights;
(b) state that Purchaser’s Scheme is either an alternative scheme, as defined in the 1990 Regulations, or is a new section within the Electricity Supply Pension Scheme; and Table of Contents
(c) include a form of consent, to be approved in writing in advance by the ALSTOM Scheme, such approval not to be unreasonably withheld, for the Protected Employees to consent to a transfer from the ALSTOM Scheme to the Purchaser’s Scheme in respect of their accrued rights under the ALSTOM Scheme. The form of consent shall contain a discharge in favour of the trustees of the ALSTOM Scheme. Within 7 days of receipt of the Notices the Seller must issue them to the Employees in accordance with the reasonable instructions provided by the Purchaser under this Clause 15.3 (ii).
(iii) The Purchaser acknowledges that the pension benefits of the Protected Employees in the Seller’s Scheme have statutory protection under the 1989 Act...
