Common use of Seller’s Benefit Plans Clause in Contracts

Seller’s Benefit Plans. Buyer shall assume no Liability with respect to and Buyer shall not become the sponsor of any employee benefit plan or arrangement of any type whatsoever maintained by or contributed to by Seller or any ERISA Affiliate of Seller. Seller shall be responsible for complying with the requirements of Code Section 4980B and Part 6 of Title 1 of ERISA for Business Employees (whether or not such employees are hired by Buyer) and their “qualified beneficiaries” who experience a “qualifying event” (as such terms are defined in Code Section 4980B) and lose coverage under a Seller Welfare Plan. Seller will cause all applicable employer matching contributions to be made to the accounts of all Business Employees under the Sellers’ Code Section 401(k) plan for that portion of the plan year during which such Business Employee was eligible to receive an employer matching contribution, without regard to any requirement that such employee be employed on any particular date or earn any minimum number of hours of service to receive such contribution. Seller shall cause all Business Employees to become fully vested as of the Closing Date in their accounts under Seller’s Code § 401(k) plan. To the extent permitted by, and in accordance with, the provisions of Seller’s Code Section 401(k) plan, the Code and ERISA, the Seller will provide for distribution under such plan to each Business Employee by reason of the termination of employment of such employee from Seller.

Seller’s Benefit Plans. Buyer shall assume no Liability with respect to and Buyer shall not become the sponsor of any employee benefit plan or arrangement of any type whatsoever maintained by or contributed to by any Seller or any ERISA Affiliate of any Seller. Seller The Sellers shall be responsible for complying with the requirements of Code Section 4980B and Part 6 of Title 1 of ERISA for Business Employees (whether or not such employees are hired by Buyer) and their “qualified beneficiaries” who experience a “qualifying event” prior to or on the Closing Date or as a result of the Closing (as such terms are defined in Code Section 4980B) and lose coverage under a Seller Welfare Plan. Each Seller will will, at its or one of its Affiliate’s expense, cause all applicable employer matching contributions to be made to the accounts of all Business Employees under the Sellers’ Code Section 401(k) plan for that portion of the plan year during which such Business Employee was eligible to receive an employer matching contribution, without regard to any requirement that such employee be employed on any particular date or earn any minimum number of hours of service to receive such contribution. Seller The Sellers shall cause all Business Employees to become fully vested as of the Closing Date in their accounts under Seller’s the Sellers’ Code § 401(k) plan. To the extent permitted by, and in accordance with, the provisions of Seller’s the Sellers’ Code Section 401(k) plan, the Code and ERISA, the Seller Sellers will provide for distribution under such plan to each Business Employee by reason of the termination of employment of such employee from any Seller. Notwithstanding anything to the contrary in this Agreement, Buyer shall assume no responsibility or liability for any severance obligations arising under any severance policy, plan, guidelines or statements that were adopted, written, prepared by or otherwise implemented by Parent or Sellers.

Seller’s Benefit Plans. Buyer Purchaser shall assume no Liability liability or responsibility with respect regard to and Buyer shall not become the sponsor of any employee benefit plan or arrangement of any type whatsoever maintained by or contributed to by Seller or any ERISA Affiliate of SellerEmployee Benefit Plan. Seller shall be responsible for complying with the requirements of Code Section 4980B and Part 6 of Title 1 of ERISA for employees of the Business Employees (whether or not such employees are hired by Buyerincluding the Hired Employees) and their “"qualified beneficiaries” who experience a “" whose "qualifying event” " (as such terms are defined in Code Section 4980B) and lose coverage under a Seller Welfare Planoccurs on or prior to the Closing Date. Seller will will, at its or one of its affiliate's expense, cause all applicable employer matching contributions to be made to the accounts of all Business Hired Employees under the Sellers’ Seller's Code Section 401(k) plan for that portion of the 2001 plan year during which such Business Hired Employee was eligible to receive an employer matching contribution, contribution without regard to any requirement that such employee the Hired Employees be employed on any particular date or earn any minimum number of hours of service to receive such contribution. Seller will, at its or one of its affiliate's expense, cause Hired Employees to be paid for all accrued but unused vacation time as of the Closing Date. Seller shall cause all Business Hired Employees to become fully vested as of the Closing Date in their accrued benefits and accounts under Seller’s Code § 401(k) plan. To the extent permitted byany Employee Benefit Plan, and in accordance withexcept where such vesting would violate applicable laws or require, the provisions of Seller’s Code Section 401(k) plan, the Code and ERISAunder applicable laws, the Seller will provide for distribution under such plan to each Business Employee by reason increase benefits of the termination of employment of such employee from Sellerother employees.