Plan Terminations Sample Clauses
The Plan Terminations clause defines the conditions and procedures under which a plan, such as an employee benefit or retirement plan, may be ended by the sponsoring party. Typically, this clause outlines the required notice period, the responsibilities for distributing plan assets, and the steps for notifying participants of the termination. Its core practical function is to provide a clear and orderly process for winding down the plan, ensuring compliance with legal requirements and protecting the interests of all stakeholders involved.
Plan Terminations. Promptly and in any event within two Business Days after receipt thereof by any Loan Party or any ERISA Affiliate, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan.
Plan Terminations promptly and in any event within five (5) Business Days after receipt thereof by any Obligor or any ERISA Affiliate, deliver to the Agent copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan;
Plan Terminations. The Borrower will not, and will not permit any ERISA Affiliate to, terminate any Pension Plan so as to result in liability of the Borrower or any ERISA Affiliate to the PBGC in excess of $25,000,000, or permit to exist any occurrence of an event or condition which reasonably presents a material risk of a termination by the PBGC of any Pension Plan with respect to which the Borrower or any ERISA Affiliate would, in the event of such termination, incur liability to the PBGC in excess of $25,000,000.
Plan Terminations. Promptly and in any event within 15 Business Days after receipt thereof by Parent, any Restricted Subsidiary or any of their respective ERISA Affiliates, copies of each written notice from the PBGC stating its intention to terminate any Employee Benefit Plan or to have a trustee appointed to administer any Employee Benefit Plan;
Plan Terminations. Promptly and in any event within 15 Business Days after receipt thereof by the Borrower or any of its ERISA Affiliates, the Borrower will furnish to the Administrative Agent copies of each notice from the PBGC stating its intention to terminate any Plan of the Borrower or any of its ERISA Affiliates or to have a trustee appointed to administer any such Plan.
Plan Terminations. The Company shall have terminated the Stock Option Plans and the Stock Purchase Plan.
Plan Terminations. Promptly and in any event within two Business Days after receipt thereof by any Loan Party or any ERISA Affiliate, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan, PROVIDED, HOWEVER, that there shall be no obligation to furnish copies of any such notice received by an ERISA Affiliate that is not received by a Loan Party unless such termination or appointment could be reasonably likely to have a Material Adverse Effect.
Plan Terminations. Promptly and in any event within ten ------------------ Business Days after receipt thereof by any Loan Party or any of its ERISA Affiliates, copies of each notice from the PBGC stating its intention to terminate any Plan of any Loan Party or any of its ERISA Affiliates or to have a trustee appointed to administer any such Plan; provided that, with -------- ----- respect to the plan of an ERISA Affiliate that is not a Loan Party, such notice shall not be required if it is reasonably anticipated that such action will not result in liability of a Loan Party in excess of US$2,000,000.
Plan Terminations. (a) Unless otherwise requested by Parent at least ten (10) days prior to the Closing, the Company shall terminate any and all Employee Plans intended to qualify under Section 401(a) of the Code that include a cash or deferred arrangement intended to satisfy the provisions of Section 401(k) of the Code (the “Company 401(k) Plans”), such termination to be effective not later than the day immediately preceding the Closing. In the event of such termination, the Company shall provide Parent with evidence that such Company 401(k) Plans have been terminated pursuant to resolution (the form and substance of which shall be subject to prior review and approval by Parent) of the Board of Directors. In the event of such termination, Parent shall cause each Continuing Employee who is a participant in a Company 401(k) Plan to be allowed to participate, effective as soon as reasonably practicable after the Closing, in a plan intended to be tax qualified which includes a cash or deferred arrangement intended to satisfy the provisions of Section 401(k) of the Code that is sponsored and maintained by Parent or an Affiliate of Parent (the “Parent 401(k) Plan”). In addition, Parent shall, or shall cause an Affiliate to, take all actions deemed reasonably necessary by Parent to cause the Parent 401(k) Plan to accept rollover contributions of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code, inclusive of loans) from the Company 401(k) Plan.
Plan Terminations. Promptly and in any event within 3 Business Days after receipt thereof by any Loan Party or any ERISA Affiliate, copies of each notice from the PBGC or other governmental authority stating its intention to terminate any ERISA Plan or Canadian Pension Plan or to have a trustee or other receiver appointed to administer any ERISA Plan or any Canadian Pension Plan;