Common use of Preservation of Employee Benefit Plans Clause in Contracts

Preservation of Employee Benefit Plans. Following the Funding and Consummation Date, PARENT shall not terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as PARENT is able to replace such plan with a plan that is applicable to PARENT and all of its then existing subsidiaries, provided that PARENT shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, further, that any new health insurance plan shall provide for coverage for preexisting conditions. On the Funding and Consummation Date, the employees of the COMPANY will be the employees of the Surviving Corporation (provided that this provision is for purposes of clarifying that the Merger, in and of itself, will not have any impact on the employment status of any employee and provided, further, that this provision shall not in any way limit the management rights of the Surviving Corporation or PARENT to assess workforce needs and make appropriate adjustments as necessary or desirable within their discretion subject to applicable laws and collective bargaining agreements).

Preservation of Employee Benefit Plans. Following the Funding and Consummation Date, PARENT shall not terminate any health insurance, life insurance or 401(k) plan in effect at the any COMPANY until such time as PARENT is able to replace such plan with a plan that is applicable to PARENT and all of its then existing subsidiaries, provided that PARENT shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, further, that any new health insurance plan shall provide for coverage for preexisting conditions. On the Funding and Consummation Date, the employees of the each COMPANY will be the employees of the related Surviving Corporation (provided that this provision is for purposes of clarifying that the Merger, in and of itself, will not have any impact on the employment status of any employee and provided, further, that this provision shall not in any way limit the management rights of the related Surviving Corporation or PARENT to assess workforce needs and make appropriate adjustments as necessary or desirable within their discretion subject to applicable laws and collective bargaining agreements).