Purchaser Pension Plans definition
Examples of Purchaser Pension Plans in a sentence
Notwithstanding any other provision of this Agreement, the Seller Pension Plans shall continue to make all Benefit Payments to Other Plan Participants until both the Initial Transfer Amount and True-Up Amount have been transferred to the Purchaser Pension Plans.
Purchaser shall use commercially reasonable efforts to cause the corresponding Purchaser Pension Plans to accept the Pension Transfer Amounts.
Notwithstanding the foregoing, neither Purchaser nor the Purchaser Pension Plans shall assume such liabilities if Dynegy, Seller and the Seller Pension Plans do not comply in all material respects with the provisions of Section 6.2(a)(i) and (iv).
In addition, all assets held in any 401(h) account under any Seller Pension Plan shall be transferred to a 401(h) account established under the Purchaser Pension Plan(s) designated by Purchaser no later than the Initial Transfer Date; provided, that Purchaser has provided Seller with written evidence of the establishment of such account.
Purchaser shall not amend the Purchaser Pension Plans, or permit the Purchaser Pension Plans to be amended, to eliminate any benefit accrued as of the Closing, whether or not vested, with respect to which liabilities are transferred pursuant to the foregoing provisions of this subsection (A), including any such benefit that is a "Section 411(d)(6) protected benefit" (as defined by Section 411(d)(6) of the Code and regulations thereunder), except to the extent permitted by applicable Law.
All premiums due to the PBGC with respect to the Purchaser Employee Benefit Plans and Purchaser Pension Plans have been paid.
In addition, all assets held in any 401(h) account under any Seller Pension Plan shall be transferred to a 401(h) account established under the Purchaser Pension Plan(s) designated by Purchaser provided Purchaser has provided Sellers with written evidence of the establishment of such account.
On the date each Transferred Employee becomes an employee of Purchaser, the Transferred Employee will commence participation in the employee pension benefit plans (within the meaning of section 3(2) of ERISA) maintained by Purchaser for its similarly situated employees in the United States (collectively the "Purchaser Pension Plans") upon the satisfaction of any eligibility requirements (other than waiting periods which shall be waived) as set forth in such Purchaser Pension Plans.
All amendments and actions required to bring each of the Purchaser Employee Benefit Plans and Purchaser Pension Plans into conformity in all material respects with all of the applicable provisions of ERISA and other applicable Laws have been made or taken except to the extent that such amendments or actions are not required by Law to be made or taken until a date after the Closing Date and are disclosed in Section 5.17(j) of the Purchaser Disclosure Letter.
Purchaser shall not amend the Purchaser Pension Plans, or permit the Purchaser Pension Plans to be amended, to eliminate any benefit accrued as of the Closing, whether or not vested, with respect to which liabilities are transferred pursuant to the foregoing provisions of this subsection (A), including any such benefit that is a "Section 411(d)(6) protected benefit" (as defined by Section 411(d)(6) of the Code and the regulations thereunder), except to the extent permitted by applicable Law.