Funding Status. No accumulated funding deficiency (within the meaning of Section 412 of the Internal Revenue Code), whether or not waived, exists with respect to any Employee Benefit Plan or any plan sponsored by any member of a controlled group (within the meaning of Section 412(n)(6)(B) of the Internal Revenue Code) in which the Company is a member (a "Controlled Group"). With respect to each Employee Benefit Plan subject to Title IV of ERISA, the assets of each such plan are at least equal in value to the present value of accrued benefits determined on an ongoing basis as of the date hereof. The Company does not sponsor any Employee Benefit Plan described in Section 501(c)(9) of the Internal Revenue Code. None of the Employee Benefit Plans are subject to actuarial assumptions.
Appears in 8 contracts
Samples: Agreement and Plan of Merger and Reorganization (Universal Document MGMT Systems Inc), Agreement and Plan of Merger and Reorganization (Universal Document MGMT Systems Inc), Asset Purchase Agreement (Universal Document MGMT Systems Inc)
