Termination of Employee Benefit Plans. Buyer shall be satisfied that each Company has properly terminated all of its Employee Benefit Plans (except for its Employee Welfare Benefit Plans), effective prior to the Closing Date.
Termination of Employee Benefit Plans. Effective as of the day immediately preceding the Closing Date, Seller shall terminate the Employee Benefit Plan referred to as the Alliant International University Tax Deferred Annuity Plan, a Code Section 403(b) plan. Effective as of the day immediately preceding the Closing Date, Seller shall terminate the Salary Savings Retirement Plan, which is the Employee Benefit Plan qualified under Code Section 401(a) (the “Seller’s 401(a) Plan”) (unless Buyer provides written notice to Seller no later than five business days prior to the Closing Date that such 401(a) plans shall not be terminated). In connection with the termination of the Seller’s 401(a) Plan, Seller shall take all action necessary to fully vest the account balances of all of the participants in the Seller’s 401(a) Plan. Unless Buyer provides such written notice to Seller, no later than five business days prior to the Closing Date, Seller shall provide Buyer with evidence that such Employee Benefit Plan(s) have been terminated (effective no later than the day immediately preceding the Closing Date) pursuant to resolutions of the Board of Trustees. The form and substance of such resolutions shall be subject to reasonable review and approval of Buyer prior to the Closing Date. Seller also shall take such other actions in furtherance of terminating such Employee Benefit Plan(s) as Buyer may reasonably require. In the event that termination of such Employee Benefit Plans would reasonably be anticipated to trigger liquidation charges, surrender charges or other fees (“Termination Fees”), Seller shall be solely responsible for such Termination Fees. The Seller's 401(a) Plan only provides for discretionary employer contributions and any employer contribution for 2014 plan year for employees shall be determined in the Seller's sole discretion, except to the extent required by applicable state or federal law and limited by any contractual obligations of Seller; provided, however, that Buyer shall not be required to assume, fund or continue any such contributions. Except as specified herein, effective as of the Closing Date, Seller shall terminate all Seller sponsored Employee Benefit Plans.
Termination of Employee Benefit Plans. Purchaser shall have received copies of duly adopted resolutions of Corporation's Board of Directors satisfactory to Purchaser in its sole discretion (i) terminating Corporation's Employee Benefits Plans (other than Employee Welfare Benefit Plans), with such termination effective prior to the Closing Date, (ii) providing that no contributions shall be made to Corporation's 401(k) Plan after such date, and (iii) directing Corporation's legal counsel to apply for a determination letter from the Internal Revenue Service with respect to the termination of the 401(k) Plan and to submit a Notice of Intent to Terminate to all participants and beneficiaries under 401(k) Plan.
Termination of Employee Benefit Plans. If the Company maintains or sponsors any Benefit Plans, the Company's Board of Directors shall have adopted a resolution terminating each such Benefit Plan contingent upon the Closing and effective at least one calendar day prior to the Effective Time.
Termination of Employee Benefit Plans. At Marquee's option and on such date or dates (but in no event earlier than two (2) business days prior to the Closing Date) and in such manner as Marquee shall direct, SMTI will terminate some or all bonus, stock option, profit sharing, pension, retirement, incentive, medical, health, disability and other employee benefit plans or arrangements it maintains or sponsors or to which it is obligated to contribute, including, without limitation, the Sports Marketing and Television, Inc. Target Plan. Any such termination will be made in accordance with all applicable laws, including, without limitation, the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code of 1986, as amended.
Termination of Employee Benefit Plans. At Marquee's option and on such date or dates (but in no event earlier than two (2) business days prior to the Closing Date) and in such manner as Marquee shall direct, Athletes will terminate some or all bonus, stock option, profit sharing, pension, retirement, incentive, medical, health, disability and other employee benefit plans or arrangements it maintains or sponsors or to which it is obligated to contribute, including, without limitation, the Athletes and Artists Profit Sharing Plan. Any such termination will be made in accordance with all applicable laws, including, without limitation, the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code of 1986, as amended.
Termination of Employee Benefit Plans. Simplicity shall have taken such action as is required to terminate all Simplicity Benefit Plans effective as of a date not later than the Effective Time (other than the health and welfare plans or any other plans that are being assumed by HomeStreet), including but not limited to the AIP, Simplicity Bank 2005 Executive Nonqualified Retirement Plan, the Simplicity ESOP the Simplicity 401(k), the equity incentive plans of Simplicity and all retirement benefit plans, unless otherwise agreed to in writing by HomeStreet.
Termination of Employee Benefit Plans. If requested by Parent ------------------------------------- prior to the Closing Date, the Company shall terminate, effective as of the day immediately preceding the Effective Time: (i) any and all group severance, separation or salary continuation plans, programs, or arrangements, and (ii) any and all 401(k) plans (collectively, "Employee Benefit Plans"), unless Parent provides notice to the Company of certain Employee Benefit Plan which shall not be terminated. Parent shall receive from the Company evidence that the Company's plan(s) and/or program(s) have been terminated pursuant to resolutions of each such entity's Board of Directors (the form and substance of such resolutions shall be subject to review and approval of Parent), effective as of the day immediately preceding the Effective Time. In the event that distribution or rollover of assets from the trust of a 401(k) plan which is terminated is reasonably anticipated to trigger liquidation charges, surrender charges, or other fees to be imposed upon the account of any participant or beneficiary of such terminated plan or upon the Company or plan sponsor, then the Company shall take such actions as are necessary to reasonably estimate the amount of such charges and/or fees and provide such estimate in writing to Parent prior to the Effective Time.
Termination of Employee Benefit Plans. Parent shall have received ------------------------------------- from the Company evidence that the Company's Employee Benefit Plans have been terminated pursuant to -42- resolution of the Company's Board of Directors (the form and substance of which shall have been subject to review and approval of Parent), effective as of one day preceding the Closing Date.
Termination of Employee Benefit Plans. Buyer shall have received copies of duly adopted resolutions of the Company's Board of Directors satisfactory to Buyer in its sole discretion terminating the Company's Employee Benefits Plans (other than Employee Welfare Benefit Plans), with such termination effective prior to the Closing Date.
