Transfer of Liabilities and Assets Sample Clauses

Transfer of Liabilities and Assets. Prior to the Effective Time, CCE shall cause Splitco to assume and become obligated for all liabilities and obligations under the CCE Executive Pension Plan, Supplemental Pension Plan, and Supplemental MESIP with respect to the Transferred CCE North American Employees and the Deferred Compensation Plan for Non-Employee Directors with respect to directors and former directors of CCE (such benefits under such plans, the “Transferred Nonqualified Plan Benefits”). CCE shall cause the assets held by the Amended and Restated CCE Supplemental Matched Employee Savings and Investment Plan Rabbi Trust that have been allocated to the Transferred CCE North American Employees in accordance with their hypothetical investment elections with respect to the Supplemental MESIP as of immediately prior to the Effective Time to be transferred, on an account-by-account basis, to a grantor trust established by Splitco.

Transfer of Liabilities and Assets. (a) With respect to each Transferred Employee who retires from Purchaser before October 1, 1999 ("Pre-October 1, 1999 Retiree"), the amount to be transferred in accordance with Section 5.5 will be calculated as follows. First, the monthly benefits which each such retiree would have received from the Replacement Retirement Program or the Replacement Pension Plan at the actual date of retirement (including the Purchaser's Basic Benefit, and if applicable, the Purchaser's retirement supplement) will be determined based on applicable benefit rates under the Replacement Retirement Program or the Replacement Pension Plan as of the retiree's actual date of retirement reflecting benefit increases already in place at Closing to be effective through September 14, 1999. Second, the present value of such benefit payments to each such retiree shall be calculated without regard to any post-retirement benefit adjustments other than those noted above, assuming the benefit is paid as a life annuity and using GM's SFAS 87 assumptions (e.g., discount rates, mortality assumptions, etc.) utilized to determine GM's year end disclosure as of December 31, 1997. Such present value shall be determined as of the Valuation Date based on the Transferred Employee's status (i.e., living or deceased) on such employee's retirement date. (b) With respect to each Hourly Transferred Employee who returns to GM before October 1, 1999 ("Pre-October 1, 1999 Hourly Returned Employee"), the amount to be transferred in accordance with Section 5.5 will be calculated as follows. First, an Accumulated Benefit Obligation (as defined under SFAS

Transfer of Liabilities and Assets. Metavante shall establish a ---------------------------------- deferred compensation plan for its employees. All liabilities for or relating to Metavante Employees under the M&I Deferred Compensation Plan and the M&I Supplemental Benefits Plan shall be transferred from M&I to Metavante on the Distribution Date, but only to the extent that a Metavante Employee consents to said transfer and releases M&I for any obligations it may have to the Metavante Employee under the M&I Deferred Compensation Plan and the M&I Supplemental Benefits Plan. If a Metavante Employee does not so consent, he or she shall be treated as if he or she terminated employment with M&I for all purposes and amounts held in the Plan(s) for his or her benefit shall be distributed in accordance with the Metavante Employee's distribution election under the M&I Deferred Compensation Plan. All assets held in the M&I Deferred Compensation Trust II which relate to the liabilities transferred pursuant to this Section 4.2 shall be transferred to a similar grantor trust which Metavante will establish at such time as the trust is effective.

Transfer of Liabilities and Assets