Seller's Retirement and Savings Plans. (i) All Hired Active Employees who are participants in Seller's retirement plans shall retain their accrued benefits under Seller's retirement plans as of the Closing Date, and Seller (or Seller's retirement plans) shall retain sole liability for the payment of such benefits as and when such Hired Active Employees become eligible therefor under such plans. All Hired Active Employees shall become fully vested in their accrued benefits under Seller's retirement plans as of the Closing Date, and Seller will so amend such plans if necessary to achieve this result. Seller shall cause the assets of each Employee Plan to equal or exceed the benefit liabilities of such Employee Plan on a plan-termination basis as of the Effective Time.
(ii) Seller will cause its savings plan to be amended in order to provide that the Hired Active Employees shall be fully vested in their accounts under such plan as of the Closing Date and all payments thereafter shall be made from such plan as provided in the plan.
Seller's Retirement and Savings Plans. All Hired Active Employees who are participants in Seller's retirement plans shall retain their accrued benefits under Seller's retirement plans as of the Closing Date, and Seller (or Seller's retirement plans) shall retain sole liability for the payment of such benefits as and when such Hired Active Employees become eligible therefor under such plans
Seller's Retirement and Savings Plans. All Selected Employees who are participants in Seller's retirement plans will retain their accrued benefits under Seller's retirement plans as of the Closing Date, and Seller (or Seller's retirement plans) will retain sole liability for the payment of such benefits as and when such Selected Employees become eligible therefor under such plans. Seller will cause the assets of each Employee Plan to equal or exceed the benefit liabilities of such Employee Plan on a plan- termination basis as of the Closing Date.
Seller's Retirement and Savings Plans. All Hired Active Employees who are participants in Seller’s retirement plans shall retain their accrued benefits under Seller’s retirement plans as of the Closing Date, and Seller (or Seller’s retirement plans) shall retain sole liability for the payment of such benefits as and when such Hired Active Employees become eligible therefor under such plans. All Hired Active Employees shall become fully vested in their accrued benefits under Seller’s retirement plans as of the Closing Date, and Seller will so amend such plans if necessary to achieve this result. Seller shall cause the assets of each Employee Plan to equal or exceed the benefit liabilities of such Employee Plan on a plan-termination basis as of the Closing Date.
Seller's Retirement and Savings Plans. (i) All Hired Active Employees who are participants in the Seller’s retirement plans shall retain their accrued benefits under the Seller’s retirement plans as of close of business on the day immediately prior to the Closing Date, and the Seller (or the Seller’s retirement plans) shall retain sole Liability for the payment of such benefits as and when such Active Employees become eligible therefor under such plans. All Hired Active Employees shall become fully vested in their accrued benefits under the Seller’s retirement plans as of the Closing Date, and the Seller will so amend such plans if necessary to achieve this result. The Seller shall cause the assets of each Benefit Plan to equal or exceed the benefit liabilities of such Benefit Plan on a plan-termination basis as of the Closing Date. Buyer will allow all Hired Active Employees to participate in the Buyer’s retirement plans from the opening of business on the Closing Date, and the Buyer (or the Buyer’s retirement plans) shall retain sole Liability for the payment of such benefits as and when such Hired Active Employees become eligible therefor under such plans.
(ii) The Seller will cause its savings plan to be amended in order to provide that the Hired Active Employees shall be fully vested in their accounts under such plan as of the Closing Date and all payments thereafter shall be made from such plan as provided in the plan.
Seller's Retirement and Savings Plans. (i) Except as provided in Sections 9.7(d)(ii), (iii) and (iv) and with respect to Benefit Plans contributed to pursuant to the Collective Bargaining Agreements, all Hired Active Employees who are participants in Sellers' retirement plans shall retain their accrued benefits under Sellers' retirement plans as of the Closing Date, the Zellwood Closing Date or the Chicago Closing Date, as the case may be, and each Seller (or such Seller's retirement plans) shall retain sole liability for the payment of such benefits as and when such Hired Active Employees become eligible therefore under such plans.
(ii) In accordance with Buyer's obligation under Section 2.6(c)(ii) (Chicago) to reimburse Sellers for the Chicago Facility operating expenses for the period between the Closing and the Chicago Closing, Buyer shall, within ten (10) business days of notice of payment, reimburse Sellers for the contributions Sellers are required to make to the Local 705 International Brotherhood of Teamsters Pension Fund (the "Local 705 Fund") for such period. As -------------- of the Chicago Closing Date, Sellers will no longer be required to contribute to the Local 705 Fund because of Sellers' complete withdrawal from the Local 705 Fund on the Chicago Closing Date. It is agreed that, in order to relieve Sellers of any withdrawal liability Sellers would otherwise incur upon Sellers' withdrawal from the Local 705 Fund, beginning on the Chicago Closing Date, Buyer shall be obligated to contribute to the Local 705 Fund for substantially the same number of contribution base units for which Sellers had an obligation to contribute as of the Chicago Closing. In addition, after the Chicago Closing, Buyer shall provide to the Local 705 Fund for a period of five (5) plan years commencing with the first plan year beginning after the Chicago Closing, a bond (the "Bond") issued by a corporate surety company that is an acceptable surety ---- under Section 412 of ERISA in an amount equal to the greater of (A) Sellers' average annual contribution to the Local 705 Fund for the three (3) plan years immediately preceding the plan year in which the Chicago Closing Date occurs or (B) Sellers' annual contribution to the Local 705 Fund for the plan year immediately preceding the plan year in which the Chicago Closing Date occurs, which bond shall be paid to the Local 705 Fund if Buyer withdraws from the Local 705 Fund, or fails to make a contribution to the Local 705 Fund when due, at any time during the f...
Seller's Retirement and Savings Plans. Each Seller will adopt, or will cause to be adopted, any necessary amendments to its 401(k) Plan to provide that upon a termination of employment each Transition Employee who actually accepts an offer of employment with either Buyer or either Buyer’s Affiliates will have at least 90 days to repay any outstanding loan balances from such 401(k) Plan and that each such Transition Employee will be able to direct a rollover from such Seller’s 401(k) Plan into a 401(k) Plan of the applicable Buyer with any associated loans without such loans becoming due for repayment, if applicable. Each Buyer will adopt, or will cause to be adopted, any necessary amendments to its 401(k) Plan such that the plan will accept a direct rollover from Seller’s 401(k) Plan with any associated loans without such loans becoming due for repayment, if applicable. Upon Closing, in accordance with all applicable Legal Requirements, each Transition Employee who actually accepts an offer of employment with either Buyer or either Buyer’s Affiliates shall become fully vested in his or her 401(k) benefits under the applicable Seller’s 401(k) Plan to the extent required by such applicable Legal Requirements. For purposes of this paragraph, the term “401(k) Plan” means any plan intended to be qualified under Section 401(a) of the Code that includes a cash or deferred arrangement intended to qualify under Section 401(k) of the Code. Each Seller shall provide Buyers and each Buyer shall provide Sellers with a copy of (i) the amendments and the resolutions duly adopted by such Seller’s general partners, members or board of directors, as the case may be, to effectuate the amendments or (ii) the terms of the party’s respective 401(k) Plan that indicate that no amendment is necessary.
Seller's Retirement and Savings Plans. Seller maintains no retirement plans or savings plans other than administering an employee RRSP Plan that is employee funded, with no employer contribution.
Seller's Retirement and Savings Plans. (a) All employees of the Seller who may be hired by the Buyer as of the Closing Date and who are participants in the Seller's or Parent's retirement plans, if any, shall retain their accrued benefits under such retirement plans as of the Closing Date, and the Seller (or the Seller's or Parent's retirement plans) shall retain sole liability for the payment of such benefits as and when such employees become eligible therefor under such retirement plans. All such employees of the Seller shall become fully vested in their accrued benefits under the Seller's and Parent's retirement plans as of the Closing Date, and the Seller and Parent will so amend any such retirement plans if necessary to achieve this result. The Seller and Parent shall cause the assets of any such retirement plan to equal or exceed the benefit liabilities of such retirement plan on a plan-termination basis as of the Closing Date.
(b) Each of the Parent and the Seller will cause its savings plans, if any, to be amended in order to provide that Seller's employees (including the Key Employees and the Healthcare Employees as defined herein) shall be fully vested in their accounts under such savings plan as of the Closing Date and all payments thereafter shall be made from such savings plan as provided in such savings plan. .
Seller's Retirement and Savings Plans. (i) Seller shall cause all Hired Ag Employees who are participants in Seller’s retirement plans to become vested in their benefits under Seller’s retirement plans as of the May Transition Date, and Seller (or Seller’s retirement plans) shall retain sole liability for the payment of such vested benefits. Seller shall cause the assets of each Employee Plan to equal or exceed the benefit liabilities of such Employee Plan on a plan-termination basis as of the Effective Time if necessary to insure compliance with the preceding sentence.
