Common use of Relationship of Vested Benefits to Pension Plan Assets Clause in Contracts

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). (ii) The Company shall not at any time permit the present value of all employee benefits vested under all Pension Plans other than Xxxxxxx Pension Plans to exceed the assets of all such Pension Plans other than Xxxxxxx Pension Plans allocable to such vested benefits at such time by more than five percent (5%) of Consolidated Total Liabilities, in each case determined pursuant to Section 6.21(c).

Appears in 9 contracts

Samples: Note Purchase Agreement (Smithfield Foods Inc), Note Purchase Agreement (Smithfield Foods Inc), Note Purchase Agreement (Smithfield Foods Inc)

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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 Mxxxxxx Pension Plans to exceed the assets of such Xxxxxxx Mxxxxxx Pension Plans allocable to such vested benefits at such atsuch time by more than fifty-five million dollars ($55,000,000), in each case determined pursuant to Section 6.21(c). (ii) The Company shall not at any time permit the present value of all employee benefits vested under all Pension Plans other than Xxxxxxx Mxxxxxx Pension Plans to exceed the assets of all such Pension Plans other than Xxxxxxx Mxxxxxx Pension Plans allocable to such vested benefits at such time by more than five percent (5%) of Consolidated Total Liabilities, in each case determined pursuant to Section 6.21(c).

Appears in 1 contract

Samples: Note Purchase Agreement (Smithfield Foods Inc)

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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 Mxxxxxx Pension Plans to exceed the assets of such Xxxxxxx Mxxxxxx 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). (ii) The Company shall not at any time permit the present value of all employee benefits vested under all Pension Plans other than Xxxxxxx Mxxxxxx Pension Plans to exceed the assets of all such Pension Plans other than Xxxxxxx Mxxxxxx Pension Plans allocable to such vested benefits at such time by more than five percent (5%) of Consolidated Total Liabilities, in each case determined pursuant to Section 6.21(c).

Appears in 1 contract

Samples: Amendment Agreement (Smithfield Foods Inc)

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