Transfer of Air Products Savings Plan Assets Sample Clauses

Transfer of Air Products Savings Plan Assets. Not later than thirty (30) days following the Plan Transition Date (or such later time as mutually agreed by the Parties), Air Products shall cause the accounts (including any outstanding participant loan balances) in the Air Products Savings Plans attributable, in each case, to Versum Employees as of the Plan Transition Date and all of the Assets in the Air Products Savings Plans related thereto (including any outstanding loans) to be transferred in-kind to the Versum Savings Plan, and Versum shall cause the Versum Savings Plan to accept such transfer of accounts and underlying such Assets and, effective as of the date of such transfer, to assume and to fully perform, pay and discharge, all obligations of the Air Products Savings Plans relating to the accounts of Versum Employees (to the extent the Assets related to those accounts are actually transferred from the Air Products Savings Plans to the Versum Savings Plan). The transfer of Assets shall be conducted in accordance with Section 414(1) of the Code, Treasury Regulation Section 1.414(1)-1 and Section 208 of ERISA. During the period after the Plan Transition Date and before such transfer of Assets has been completed, with respect to any Versum Employee who has an outstanding participant loan balance under the Air Products Savings Plans, Versum shall withhold, or cause to be withheld, from each such Versum Employee’s pay such amounts as are required to make payments on such outstanding loan in accordance with its terms and timely remitted such amounts, as directed by the administrator of the Air Products Savings Plans, for crediting under the Air Products Savings Plans in respect of such loan, and Air Products shall cause such administrator to apply such amounts in satisfaction of such loan.
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Related to Transfer of Air Products Savings Plan Assets

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