Sovereign Defined Sample Clauses

Sovereign Defined. Benefit Pension Plan ("DB Plan"). Employees of ML and ML Subsidiaries who become employees of Sovereign or a Sovereign Subsidiary shall become entitled to participate in Sovereign's DB Plan in accordance with its terms. In this regard, each such employee shall (A) receive, for purposes of participation and vesting only, credit for all service with ML or an ML Subsidiary credited to each such employee under ML's DB Plan as of the date of its termination or cessation of accrual of benefits, and (B) enter the Sovereign DB Plan on the entry date concurrent with or next following the employee's satisfaction of such plan's minimum participation requirements.
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