Common use of Seller Employee Plans Clause in Contracts

Seller Employee Plans. (i) With respect to the Seller Employee Plans, Seller and each ERISA Affiliate will have made, on or before the Closing Date, all payments (including premium payments with respect to insurance policies) required to be made by them on or before the Closing Date. (ii) All of the Seller Employee Plans, other than any multiemployer plan, as defined in Section 3(37) of ERISA (a “Multiemployer Plan”), are, and have been, operated in compliance with their provisions and with all applicable laws, including ERISA and the Code, in all material respects. With respect to each of the Seller Employee Plans, other than any Multiemployer Plan, that is intended to be qualified under Section 401(a), each such plan is so qualified. (iii) Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will (A) result in any payment (including any severance, unemployment compensation or golden parachute payment) becoming due from the Seller or any ERISA Affiliate under any of the Seller Employee Plans, (B) increase any benefits otherwise payable under any of the Seller Employee Plans, or (C) result in the acceleration of the time of payment or vesting of any such benefits to any extent. (iv) Seller is not obligated to contribute to any Seller Employee Plan that is a Multiemployer Plan other than as listed on Schedule 19 hereto.

Seller Employee Plans. (i) With respect to the Seller Employee Plans, Seller and each ERISA Affiliate will have made, on or before the Closing Date, all payments (including premium payments with respect to insurance policies) required to be made by them on or before the Closing Date. (ii) All of the Seller Employee Plans, other than any multiemployer plan, as defined in Section 3(37) of ERISA (a “Multiemployer Plan”), are, and have been, operated in compliance with their provisions and with all applicable laws, including ERISA and the Code, in all material respects. With respect to each of the Seller Employee Plans, other than any Multiemployer Plan, that is intended to be qualified under Section 401(a), each such plan is so qualified. (iii) Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will (A) result in any payment (including any severance, unemployment compensation or golden parachute payment) becoming due from the Seller or any ERISA Affiliate under any of the Seller Employee Plans, (B) increase any benefits otherwise payable under any of the Seller Employee Plans, or (C) result in the acceleration of the time of payment or vesting of any such benefits to any extent. (iv) Seller is not obligated to contribute to any Seller Employee Plan that is a Multiemployer Plan other than as listed on Schedule 19 heretoPlan.