Common use of Plan Transfer Clause in Contracts

Plan Transfer. Promptly after the Distribution Date, the parties shall take such actions as are necessary, if any, to cause the orderly transfer from the Alloy 401(k) Plan to the ▇▇▇▇▇*s 401(k) Plan of the account balances held for the benefit of current and former ▇▇▇▇▇*s Employees and their beneficiaries in a plan-to-plan transfer of assets and liabilities that satisfies the requirements of applicable law (including Sections 411(d) and 414(l) of the Code, Section 306 of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002, Regulation 2520.101-3 and any related applicable regulations promulgated by the United States Department of Labor and Regulation BTR promulgated by the Commission). All of such employees are listed on Schedule 5.1(f) hereto. Pending the plan-to-plan transfer as contemplated hereby, the ▇▇▇▇▇*s Group will withhold from the pay of ▇▇▇▇▇*s Employees’ who are participants in the Alloy 401(k) Plan and remit to the Alloy 401(k) Plan all required loan payments due on such ▇▇▇▇▇*s Employees’ participant loans from their Alloy 401(k) Plan accounts, and the Alloy 401(k) Plan will process distributions of terminated employees following their termination from the ▇▇▇▇▇*s Group in the normal course, subject to notification or confirmation of such termination by the ▇▇▇▇▇*s Group. All of such employees are listed on Schedule 5.1(f) hereto.