Seller DC Plan definition

Seller DC Plan has the meaning set forth in Section 5.12(h).

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Seller DC Plan means the defined contribution plan(s) and related trust(s) intended to be qualified under Sections 401(a), 401(k) and 501(a) of the Code that is sponsored by Seller or one of the Seller Affiliates and in which Available Employees are eligible to participate prior to Closing.

Seller DC Plan shall have the meaning set forth in Section 6.4(b)(i) hereof.

Examples of Seller DC Plan in a sentence

Any DC Employee (U.S.) who would be eligible for an employer contribution had he or she remained an active participant in the applicable Seller DC Plan (U.S.) until the next date on which such employer contribution would be made, shall receive a prorated employer contribution under the applicable Seller DC Plan (U.S.) on or as soon as reasonably practicable following the Closing Date, determined based on the number of days in the applicable service period elapsed as of the Closing Date.
At the times of the transfers of the DC Transfer Amounts, Purchaser and the Purchaser DC Plans (non-U.S.) shall assume all Liabilities with respect to the DC Transfer Amounts relating to Transferred Employees (non-U.S.) that were transferred from the applicable Seller DC Plan (non-U.S.), and Seller Parent and its Affiliates and the Seller DC Plans (non-U.S.) shall be relieved of all such Liabilities under such Seller DC Plan (non-U.S.) with respect to such Transferred Employees (non-U.S.).
Any DC Employee (non-U.S.) who would be eligible for an employer contribution had he or she remained an active participant in the applicable Seller DC Plan (non-U.S.) until the next date on which such employer contribution would be made, shall receive a prorated employer contribution under the applicable Seller DC Plan (non-U.S.) on or as soon as reasonably practicable following the Closing Date, determined based on the number of days in the applicable service period elapsed as of the Closing Date.
To the extent required under the Collective Bargaining Agreement, the Buyer DC Plan shall have terms and features (including employer contribution provisions) that are substantially identical to the applicable hourly Seller DC Plan that covers union Transferred Employees.
As promptly as practicable after the Closing Date, the Seller shall cause the trustee of the El Paso Energy Corporation Retirement Savings Plan ("Seller DC Plan") to transfer to the trustee of the Buyer DC Plan, and the Buyer shall cause the trustee of the Buyer DC Plan to accept, the account balances of each Employee with respect to whom the Seller DC Plan maintains an account as of the close of business on the Closing Date.

More Definitions of Seller DC Plan

Seller DC Plan has the meaning specified in Section 9.7(h).

Seller DC Plan means the TI Employees Universal Profit Sharing Plan, including the Profit Sharing, CODA, VEC and Tax Credit Employees Stock Ownership Accounts.

Seller DC Plan has the meaning set forth in ss.6(d)(ii).

Seller DC Plan has the meaning set forth in Section 4.4(c)(v).

Seller DC Plan means a Benefit Plan which is a defined contribution pension plan. Transferred Employees shall be entitled to distributions of their account balances under each Seller DC Plan as soon as practicable following the Closing Date, in accordance with the provisions of the applicable Seller DC Plan and applicable law. Buyer shall accept rollover contributions from a Seller DC Plan into a defined contribution or 401(k) Plan maintained by Buyer (the "Buyer Savings Plan") of the account balances distributed to the Transferred Employees from a Seller DC Plan; provided, however, that the Buyer Savings Plan shall not be required to permit distributions or transfers by such Transferred Employees to the extent it would adversely effect the tax-qualified status of the Buyer Savings Plan.

Seller DC Plan means the TI Employees Universal Profit