Termination of Benefit Accruals Under Defined Benefit Plans Sample Clauses

Termination of Benefit Accruals Under Defined Benefit Plans. 54 6.4 Financing.......................................... 56
Sample 1
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Termination of Benefit Accruals Under Defined Benefit Plans. Schedule 6.3 contains a list of each Audio Products Group Company whose employees are eligible to participate in the master defined benefit pension plan known as the "Mark XX Xxxustries, Inc. and Subsidiaries Employees Retirement Income Fund" (hereinafter the "Master Defined Benefit Plan"), which is maintained by Mark XX xxx the purpose of providing a defined benefit retirement income for employees of certain direct and indirect wholly owned subsidiaries of Mark XX. Xxxk XX xxxees that, prior to the Closing Date, Mark XX xxxll amend the terms of the Master Defined Benefit Plan to the extent necessary: (a) to provide that participants therein who are employees of any
Sample 1
Termination of Benefit Accruals Under Defined Benefit Plans. Seller agrees that, prior to the Closing Date, Seller shall amend the terms of the master defined benefit pension plan maintained by Seller and known as the Mxxx XX Industries, Inc. and Subsidiaries Employees Retirement Income Fund (hereinafter the "Master Defined Benefit Plan"): (a) to provide that participants therein who are employees of any of the Automotive Filter Companies immediately prior to the Closing Date ("Automotive Filter Participants") shall cease to accrue benefits thereunder on the Closing Date (or such earlier date as Seller and Buyer may subsequently agree to in writing), and (b) to provide that Automotive Filter Participants shall be fully vested
Sample 1
Termination of Benefit Accruals Under Defined Benefit Plans. Seller ----------------------------------------------------------------- agrees that, prior to the Closing Date, Seller shall amend the terms of the master defined benefit pension plan maintained by Seller and known as the Mark IV Industries, Inc. and Subsidiaries Employees Retirement Xxxxxx Fund (hereinafter the "Master Defined Benefit Plan"): (a) to provide that participants therein who are employees of any of the Automotive Filter Companies immediately prior to the Closing Date ("Automotive Filter Participants") shall cease to accrue benefits thereunder on the Closing Date (or such earlier date as Seller and Buyer may subsequently agree to in writing), and (b) to provide that Automotive Filter Participants shall be fully vested (i.e., one hundred percent (100%) vested) in their accrued benefits under the Master Defined Benefit Plan. Seller agrees to take, or cause each of the Automotive Filter Companies to take, prior to the Closing Date, any and all actions (including, without limitation, the delivery of any notices required under ERISA and the Code and the timely filing of all required filings with any government agency), which are necessary or reasonably required to effectuate the intent of this Section 6.03.
Sample 1

Related to Termination of Benefit Accruals Under Defined Benefit Plans

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Termination of 401(k) Plan If requested by Acquiror in writing at least five business days before the Closing Date, the Company shall terminate any and all 401(k) plans sponsored or maintained by the Company or any of its Subsidiaries, and prior to the Closing Date shall provide evidence to Acquiror of such termination pursuant to resolutions of its Board of Directors.

  • Plan Terminations Under Section 409A Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances:

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Termination of Employee Plans The Company shall have provided Parent with evidence, reasonably satisfactory to Parent, as to the termination of the benefit plans referred to in Section 5.10.

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