Common use of Termination of Employee Benefit Plans Clause in Contracts

Termination of Employee Benefit Plans. Purchaser shall have received copies of duly adopted resolutions of Corporation's Board of Directors satisfactory to Purchaser in its sole discretion (i) terminating Corporation's Employee Benefits Plans (other than Employee Welfare Benefit Plans), with such termination effective prior to the Closing Date, (ii) providing that no contributions shall be made to Corporation's 401(k) Plan after such date, and (iii) directing Corporation's legal counsel to apply for a determination letter from the Internal Revenue Service with respect to the termination of the 401(k) Plan and to submit a Notice of Intent to Terminate to all participants and beneficiaries under 401(k) Plan.

Termination of Employee Benefit Plans. Purchaser At the Closing, Seller shall have received deliver to Buyer copies of duly adopted resolutions of CorporationSeller's Board of Directors satisfactory to Purchaser in its sole discretion (ia) terminating CorporationSeller's Employee Benefits Plans (other than Employee Welfare Benefit the Group Health Plans), with such termination effective prior to the Closing Date, (iib) providing that no contributions shall be made to CorporationSeller's 401(k) Plan after such date, and (iiic) directing CorporationSeller's or Parent's legal counsel to apply for a determination letter from the Internal Revenue Service with respect to the termination of the 401(k) Plan and to submit a Notice notice of Intent intent to Terminate terminate to all participants and beneficiaries interested parties under the 401(k) Plan.)

Termination of Employee Benefit Plans. Purchaser Buyer shall have received copies of duly adopted resolutions of Corporationthe Company's Board of Directors satisfactory to Purchaser Buyer in its sole discretion (i) terminating Corporationthe Company's Employee Benefits Plans (other than Employee Welfare Benefit Plans), with such termination effective prior to the Closing Date, (ii) providing that no contributions shall be made to Corporationthe Company's 401(k) Plan after such date, and (iii) directing Corporationthe Company's legal counsel to apply for a determination letter from the Internal Revenue Service with respect to the termination of the 401(k) Plan and to submit a Notice of Intent to Terminate to all participants and beneficiaries under 401(k) Plan.