Common use of Rabbi Trusts Clause in Contracts

Rabbi Trusts. (a) Prior to the Effective Time, the Corporation shall create a trust (the "Arbitron Benefit Protection Trust") that is substantially similar to the Ceridian Corporation Benefit Protection Trust. The Arbitron Benefit Protection Trust shall (i) be a grantor trust of which the Corporation and, if applicable, its Subsidiaries, are treated as grantors, within the meaning of subpart B, part I, subchapter J, chapter I, subtitle A of the Code, (ii) be an unfunded arrangement that does not affect the status of the Arbitron Benefit Equalization Plan, the Arbitron Deferred Compensation Plan or any other plan for which the Arbitron Benefit Protection Trust provides a source of funds for paying benefits as an unfunded plan for purposes of the Code and ERISA and (iii) constitute a successor trust that satisfies the conditions specified in Section 2.7 of the Ceridian Corporation Benefit Protection Trust Agreement such that the transfer of assets from the Ceridian Corporation Benefit Protection Trust to the Arbitron Benefit Protection Trust contemplated by Section 6.4 and Section 6.7 may be effected. (b) Not later than the Effective Time, the Corporation shall, by assignment or otherwise cause the assets and control of the following trusts to be assigned to New Ceridian: (i) Ceridian Corporation Benefit Protection Trust; (ii) Ceridian Corporation Executive Benefit Protection Trust Number One; (iii) Ceridian Corporation Executive Benefit Protection Trust Number Two; and (iv) any other trust established in conjuction with any nonqualified Pension Plan the assets of which are treated for federal income tax purposes as assets of the Corporation; provided that the Corporation shall retain the assets and control of the Arbitron Benefit Protection Trust.