Common use of Transfer Amounts Clause in Contracts

Transfer Amounts. Buyer shall cause the Buyer 401(k) Plan to accept such transfer of accounts and underlying assets and, effective as of the date of such transfer, to assume and to fully perform, pay or discharge, the obligations relating to the accounts of 401(k) Employees in accordance with any applicable legal requirements (including Section 414(l) of the Code) (collectively, the “Transferred 401(k) Liabilities”). The transfers shall be conducted in accordance with the terms of the Parent 401(k) Plan, Section 414(l) of the Code, Treasury Regulation 1.414(l)-1 and Section 208 of ERISA. Buyer agrees to indemnify and hold harmless Parent and its Affiliates and their respective officers, directors, employees and agents from and against the Transferred 401(k) Liabilities and any and all costs, damages, losses, expenses or other liabilities relating to the 401(k) Transfer Amounts.

Transfer Amounts. Buyer shall cause the Buyer 401(k) Plan to accept such transfer of accounts and underlying assets and, effective as of the date of such transfer, to assume and to fully perform, pay or discharge, the obligations relating to the accounts of 401(k) Employees in accordance with any applicable legal requirements (including Section 414(l) of the Code) (collectively, the “Transferred 401(k) Liabilities”). The transfers shall be conducted in accordance with the terms of the Parent 401(k) Plan, Section 414(l) of the Code, Treasury Regulation 1.414(l)-1 and Section 208 of ERISA. Buyer agrees to indemnify and hold harmless Parent and its Affiliates and their respective officers, directors, employees employees, and agents from and against the Transferred 401(k) Liabilities and any and all costs, damages, losses, expenses or other liabilities relating to the 401(k) Transfer Amounts.