Common use of Seller Plans Clause in Contracts

Seller Plans. The term "Seller Employee" shall refer to any individual ------------ --------------- who was employed by a Seller prior to the Closing Date and who continues his or her employment with Buyer following the Closing Date. With respect to Seller Employees and Seller Plans, Sellers covenant and agree that (i) the participation of Seller Employees in Seller Plans shall terminate as of the Closing Date and the appropriate Seller shall retain all responsibilities, rights, liabilities and obligations with respect to such Seller Plans and any other plan or program maintained by an ERISA Affiliate (as defined below), including specifically, but not by way of limitation, all liabilities relating to or arising from acts or omissions in the administration and operation of Seller Plans and any other plan or program maintained by an ERISA Affiliate, and (ii) the appropriate Seller shall be fully responsible for benefits earned, accrued or incurred by the Seller Employees prior to the Closing Date, including specifically, but not by way of limitation, Seller Plans' benefits and benefits under any other plan or program maintained by an ERISA Affiliate resulting from contributions made, expenses incurred and events occurring prior to the Closing Date (whether or not submitted for payment prior to the Closing Date).