Common use of Plan Transfer Clause in Contracts

Plan Transfer. As soon as practicable after the Closing Date, Seller shall cause the transfer of (i) the account balances of the current and former Business Employees who participate under the Thermo Choice Plan (401(k)) Plan (the "Seller's 401(k) Plan"), including outstanding loans of such persons and (ii) assets having a value equal to said account balances to a profit-sharing plan maintained by Buyer which is qualified under Section 401(a) of the Code and which includes a cash or deferred arrangement which qualifies under Section 401(k) of the Code (the "Buyer's 401(k) Plan"). Buyer shall, prior to the Closing, notify Seller in writing of the identity of Buyer's 401(k) Plan and shall cause Buyer's 401(k) Plan to accept the transfers referred to in the prior sentence. The assets transferred shall consist of the assets allocated under Seller's 401(k) Plan to the accounts of current and former Business 100 Employees, including promissory notes evidencing outstanding loans of such persons. From and after the Closing, Buyer shall assume all responsibility for the management and administration of the account balances of the current and former Business Employees under Seller's 401(k) Plan and Seller shall have no further obligations with respect thereto.

Plan Transfer. As soon as practicable after the Closing -------------------- Date, Seller shall cause the transfer of (i) the account balances of the current and former Business Employees who participate under the Thermo Choice Plan (401(k)) Plan (the "Seller's 401(k) Plan"), including outstanding loans of such -------------------- persons and (ii) assets having a value equal to said account balances to a profit-sharing plan maintained by Buyer which is qualified under Section 401(a) of the Code and which includes a cash or deferred arrangement which qualifies under Section 401(k) of the Code (the "Buyer's 401(k) Plan"). Buyer shall, ------------------- prior to the Closing, notify Seller in writing of the identity of Buyer's 401(k) Plan and shall cause Buyer's 401(k) Plan to accept the transfers referred to in the prior sentence. The assets transferred shall consist of the assets allocated under Seller's 401(k) Plan to the accounts of current and former Business 100 Employees, including promissory notes evidencing outstanding loans of such persons. From and after the Closing, Buyer shall assume all responsibility for the management and administration of the account balances of the current and former Business Employees under Seller's 401(k) Plan and Seller shall have no further obligations with respect thereto.