Common use of Preservation of Employee Benefit Plans Clause in Contracts

Preservation of Employee Benefit Plans. Following the Closing Date, VPI shall not terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as VPI is able to replace such plan with a plan that is applicable to VPI and all of its then existing subsidiaries. VPI shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, except as may be required by ERISA or other applicable law; provided, however, that any new health insurance plan shall provide for coverage for preexisting conditions for employees of the COMPANY who were covered by the COMPANY's health insurance plan immediately prior to the Closing Date or as otherwise required by law.

Preservation of Employee Benefit Plans. Following the Closing Date, VPI shall not terminate any health insurance, life insurance or 401(k) plan in effect at the any COMPANY until such time as VPI is able to replace such plan with a plan that is applicable to VPI and all of its then existing subsidiaries. VPI shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, except as may be required by ERISA or other applicable law; provided, however, that any new health insurance plan shall provide for coverage for preexisting conditions for employees of the each COMPANY who were covered by the such COMPANY's health insurance plan immediately prior to the Closing Date or as otherwise required by law.

Preservation of Employee Benefit Plans. Following the Closing Date, VPI shall not terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time 57 as VPI is able to replace such plan with a plan that is applicable to VPI and all of its then existing subsidiaries. VPI shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, except as may be required by ERISA or other applicable law; provided, however, that any new health insurance plan shall provide for coverage for preexisting conditions for employees of the COMPANY who were covered by the COMPANY's health insurance plan immediately prior to the Closing Date or as otherwise required by law.

Preservation of Employee Benefit Plans. Following the Closing Date, VPI shall not terminate any health insurance, life insurance or 401(k) plan in effect at the any COMPANY until such 57 time as VPI is able to replace such plan with a plan that is applicable to VPI and all of its then existing subsidiaries. VPI shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, except as may be required by ERISA or other applicable law; provided, however, that any new health insurance plan shall provide for coverage for preexisting conditions for employees of the each COMPANY who were covered by the such COMPANY's health insurance plan immediately prior to the Closing Date or as otherwise required by law.