Relationship of Vested Benefits to Pension Plan Assets. (i) The Company shall not at any time permit the present value of all employee benefits vested under all Xxxxxxx Pension Plans to exceed the assets of such Xxxxxxx Pension Plans allocable to such vested benefits at such time by more than fifty-five million dollars ($55,000,000), in each case determined pursuant to Section 6.21(c).
Relationship of Vested Benefits to Pension Plan Assets. The Company will not at any time permit the present value of all employee benefits vested under each Pension
Relationship of Vested Benefits to Pension Plan Assets. The present value of all benefits, determined as of the most recent valuation date for such benefits as provided in Section 8.11(c) hereof, vested under each Pension Plan does not exceed the value of the assets of such Pension Plan allocable to such vested benefits, determined as of such date as provided in Section 8.11(c) hereof.
Relationship of Vested Benefits to Pension Plan Assets. Except as set forth on Part 2.12(c) of Annex 2, immediately prior to the First Restatement Date the present value of all benefits, determined as of the most recent valuation date immediately prior to the First Restatement Date for such benefits (as provided in Section 6.21(c)), vested under each Pension Plan does not exceed the value of the assets of such Pension Plan allocable to such vested benefits, determined as of the most recent valuation date (as provided in Section 6.21(c)) immediately prior to the First Restatement Date.
Relationship of Vested Benefits to Pension Plan Assets. The present aggregate value of all benefits vested under all "employee pension benefit plans", as such term is defined in Section 3 of ERISA, maintained by the Guarantor and its Related Persons (including the Company), or in which employees of the Guarantor or any Related Person (including the Company) are entitled to participate, as from time to time in effect (herein called the "Pension Plans"), did not, as of January 1, 1999, the last annual valuation date, exceed the actuarial value of the assets of the Pension Plans allocable to such vested benefits.
Relationship of Vested Benefits to Pension Plan Assets. The Parent or an ERISA Affiliate will contribute sufficient amounts to each Pension Plan so that the present value of all employee benefits vested under each Pension Plan at any time will not exceed, by more than Two Million Five Hundred Thousand Dollars ($2,500,000), the assets of such Pension Plan allocable to such vested benefits at such time, in each case determined pursuant to Section 7.4(c).
Relationship of Vested Benefits to Pension Plan Assets. The Borrower will at all times maintain the qualified status of its Plans. The Borrower will not at any time terminate any Plan unless on the date of such termination the present value of all employee benefits vested under such Plan does not exceed the present value of the assets allocable to such vested benefits.
Relationship of Vested Benefits to Pension Plan Assets. To the knowledge of the Company and the Parent, the present value of all benefits vested under all Pension Plans (other than Multiple Employer Pension Plans) maintained by the Company, the Parent and the subsidiaries of the Parent (and under all Multiple Employer Pension Plans with respect to which the Company, the Parent or of any such subsidiaries is a "substantial employer" within the meaning of Section 4001(a)(2) of ERISA) does not exceed the value of the assets of the Pension Plans allocable to such vested benefits. For purposes of this Section 2.18(a), the present value of the benefits vested under any Pension Plan shall be determined as of the most recent valuation date, based upon assumptions and methods determined in the good faith judgment of the Company and in compliance with the requirements of law.
Relationship of Vested Benefits to Pension Plan Assets. The present value of all vested benefits under each Plan maintained by Maritrans or a Borrower that is a "defined benefit plan" as that term is defined in Section 3(35) of ERISA, as from time to time in effect, does not exceed (on a termination basis utilizing the same actuarial assumptions and asset values contained in the most recent actuarial report for such Plan) the value of the assets of the Plans allocable to such vested benefits.
Relationship of Vested Benefits to Pension Plan Assets. Except as disclosed in the actuarial reports listed on PART 2.17(A) OF ANNEX 3, the present value of all employee benefits vested under each Pension Plan exceeds the assets of such Pension Plan allocable to such vested benefits as of the most recent actuarial valuation. The Company or an ERISA Affiliate will continue to fund each of the Pension Plans in accordance with the minimum funding requirements of ERISA and the IRC. Except as required by the terms of the applicable collective bargaining agreement or as required by either ERISA or the IRC, neither the Company nor an ERISA Affiliate will increase benefits under any Pension Plan if such benefit increase would cause the present value of all employee benefits vested under each Pension Plan to exceed the assets of such Pension Plan allocable to such vested benefits on the effective date of the benefit increase, in each case determined pursuant to Section 7.11(c).
