Purchaser Establishes New Plans. The Purchaser shall promptly establish and register, effective the Closing Date, with the appropriate federal and provincial regulators, at its own expense, a pension plan (the "Purchaser's Staff Plan") which, together with the other Employee Benefits, provides pension benefits and ancillary benefits (excluding any right to surplus) no less favourable than those of the Vendor's 1976 Staff Plan as at the Closing Date and a pension plan (the "Purchaser's Supervisory Plan") which, together with the other Employee Benefits, provides pension benefits and ancillary benefits (excluding any right to surplus) no less favourable than those of the Vendor's 1976 Supervisory Plan as at the Closing Date."
Purchaser Establishes New Plans. The Purchaser shall promptly establish and register, effective the Closing Date, with the appropriate federal and provincial regulators, at its own expense, a pension plan (the "Purchaser's Staff Plan") which provides pension benefits and ancillary benefits (excluding any right to surplus) no less favourable than those of the Vendor's 1976 Staff Plan as at the Closing Date and a pension plan (the "Purchaser's Supervisory Plan") which provides pension benefits and ancillary benefits (excluding any right to surplus) no less favourable than those of the Vendor's 1976 Supervisory Plan as at the Closing Date.
