Transfer and Acceptance of Account Balances. As soon as ------------------------------------------- practicable after the Distribution Date, Sunburst shall transfer to Choice an amount (in cash, securities, other property or a combination thereof) representing the present value of the full accrued benefit of all Choice Employees who had earned a benefit in the Sunburst Hospitality Corporation Supplemental Executive Retirement Plan on the Cut-off Date, said amounts to be established as the initial accrued benefits of such individuals under the Choice Hotels International, Inc. Supplemental Executive Retirement Plan. Sunburst and Choice shall take such steps as may be necessary to obtain releases of Sunburst from Choice Employees whose accrued benefits are transferred from the Sunburst Hospitality Corporation Supplemental Executive Retirement to the Choice Hotels International, Inc. Supplemental Executive Retirement Plan in accordance with this Section. In addition, each Choice Individual for whom an accrued benefit under the Sunburst Hospitality Corporation Supplemental Executive Retirement Plan has been assumed by the Choice Hotels International, Inc. Supplemental Executive Retirement Plan shall be required to execute a waiver which acknowledges that all liabilities for benefits accrued under the Sunburst Hospitality Corporation Supplemental Executive Retirement Plan through the date immediately preceding the Distribution Date shall be assumed by Choice, except that Sunburst shall remain liable, for a period of thirty (30) months following the Distribution Date, for such benefits to the extent such amounts are not paid when due by Choice.
Transfer and Acceptance of Account Balances. As soon as practicable after the date of the establishment of the Choice Hotels International, Inc. Retirement Savings and Investment Plan, Manor Care shall cause the trustees of the Manor Care, Inc. Retirement Savings and Investment Plan to transfer to the trustee or other funding agent of the Choice Hotels International, Inc. Retirement Savings and Investment Plan the amounts (in cash, securities, other property or a combination thereof) representing the account balances of all Choice Individuals, said amounts to be established as account balances or accrued benefits of such individuals under the Choice Hotels International, Inc. Retirement Savings and Investment Plan. Each such transfer shall comply with Section 414(l) of the Code and the requirements of ERISA and the regulations promulgated thereunder. Choice agrees to cause the trustees or other funding agent of the Choice Hotels International, Inc. Retirement Savings and Investment Plan to accept the plan-to-plan transfer from the Manor Care, Inc. Retirement Savings and Investment Plan trustees, and to credit the accounts of such Choice Individuals under the Choice Hotels International, Inc. Retirement Savings and Investment Plan with amounts transferred on their behalf. Notwithstanding the foregoing, Manor Care and Choice agree that if, subsequent to such transfer of account balances to the Choice Hotels International, Inc. Retirement Savings and Investment Plan, a subsequent audit or other review establishes that additional funds should be transferred to the Choice Hotels International, Inc. Retirement Savings and Investment Plan from the Manor Care, Inc. Retirement Savings and Investment Plan or that funds should be returned from the Choice Hotels International, Inc. Retirement Savings and Investment Plan to the Manor Care, Inc. Retirement Savings and Investment Plan, both parties shall take all appropriate steps to effectuate the required transfer between the trusts maintained for such plans.
Transfer and Acceptance of Account Balances. As soon as ------------------------------------------- practicable after the date of the establishment of the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan, Sunburst shall cause the trustee of the "rabbi" trust relating to the Sunburst Hospitality Corporation Nonqualified Retirement Savings and Investment Plan to transfer to a separate "rabbi" trust to be established by Choice with respect to the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan the amounts (in cash, securities, other property or a combination thereof) representing the account balances of all Choice Individuals who had account balances in the "rabbi" trust relating to the Sunburst Hospitality Corporation Nonqualified Retirement Savings and Investment Plan on the Cut-off Date, said amounts to be established as account balances or accrued benefits of such individuals in the "rabbi" trust established with respect to the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan. In addition, each Choice Individual for whom an account balance in the rabbi trust established on behalf of the Sunburst Hospitality Corporation Nonqualified Retirement Savings and Investment Plan is transferred to a rabbi trust established on behalf of the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan shall be required to execute a waiver which acknowledges that all liabilities for benefits accrued under the Sunburst Hospitality Corporation Nonqualified Retirement Savings and Investment Plan through the date immediately preceding the date of the establishment of the Choice Hotels International, Inc. Nonqualified Retirement Savings and Investment Plan shall be assumed by Choice, except that Sunburst shall remain liable, for a period of thirty (30) months following the Distribution Date, for such benefits to the extent such amounts are not paid when due by Choice.
Transfer and Acceptance of Account Balances. As soon as practicable after ------------------------------------------- the Distribution Date, Bio-Vascular shall cause the trustees of the Bio- Vascular 401(k) Plan to transfer to the trustee or other funding agent of the Vital Images 401(k) Plan the amounts (in cash, securities, other property, plan loans, or a combination thereof) acceptable to the administrator or trustee of the Vital Images 401(k) Plan representing the account balances of all Vital Images Employees. Each such transfer shall comply with Section 414(l) of the Code and the requirements of ERISA and the regulations promulgated thereunder. Vital Images shall cause the trustees or other funding agent of the Vital Images 401(k) Plan to accept the plan-to-plan transfer from the Bio-Vascular 401(k) Plan trustees, and to credit the account of each Vital Images Employee under the Vital Images 401(k) Plan with amounts transferred on their behalf.
Transfer and Acceptance of Account Balances. As soon as practicable after January 1, 1999 but not later than January 29, 1999 (the "Transfer Date"), and subject to Hi/fn's compliance with Section 2.02(e), Stac shall cause the trustees of the Stac Profit Sharing Plan to transfer to the trustees or other funding agent of the Hi/fn Profit Sharing Plan the amounts (in cash, securities, other property or a combination thereof) representing the account balances of all Hi/fn Individuals to be allocated to the account balances of such individuals under the Hi/fn Profit Sharing Plan. Such transfer shall comply with Section 414(1) of the Code and the requirements of ERISA and the regulations promulgated thereunder. Hi/fn shall cause the trustees or other funding agent of the Hi/fn Profit Sharing Plan to accept the plan-to-plan transfer from the Stac Profit Sharing Plan trustees, and to credit the accounts of such Hi/fn Employees under the Hi/fn Profit Sharing Plan with amounts transferred on their behalf.
Transfer and Acceptance of Account Balances. As soon as practicable after the Distribution Date, Hilton and Park Place shall cause the trustees of the Hilton 401(k) Plan to transfer to the trustees or other funding agent of the Park Place 401(k) Plan, the amounts (in cash, securities, other property or a combination thereof) representing the account balances of all Park Place Individuals, said amounts to be established as account balances or accrued benefits of such individuals under the Park Place 401(k)
Transfer and Acceptance of Account Balances. As soon as practicable after the Distribution Date, Manor Care shall transfer to Choice the amounts (in cash, securities, other property or a combination thereof) representing the account balances of all Choice Employees who had account balances in the
Transfer and Acceptance of Account Balances. As soon as administratively practicable after the Contribution Date and after the allocation of the contributions, if any, made for the Plan Year beginning on January 2, 1998:
Transfer and Acceptance of Account Balances. As soon as practicable after the Cut-Off Date, PEI and PriceSmart shall cause the trustees of the Combined Profit Sharing Plan to transfer to the trustees or other funding agent of the PriceSmart Profit Sharing Plan or the PEI Profit Sharing Plan, as the case may be, the amounts (in cash, securities, other property or a combination thereof) representing the account balances of all PriceSmart Individuals or PEI individuals, as the case may be, said amounts to be established as account balances or accrued benefits of such individuals under the PriceSmart Profit Sharing Plan or the PEI Profit Sharing Plan, as the case may be. Each such transfer shall comply with Section 414(1) of the Code and the requirements of ERISA and the regulations promulgated thereunder. PriceSmart or PEI, as the case may be, shall cause the trustees or other funding agent of the PriceSmart Profit Sharing Plan or the PEI Profit Sharing Plan, as the case may be, to accept the plan-to-plan transfer from the Combined Profit Sharing Plan trustees, and to credit the accounts of such Transferred Employees (or Retained Employees) under the PriceSmart Profit Sharing Plan (or the PEI Profit Sharing Plan) with amounts transferred on their behalf.
Transfer and Acceptance of Account Balances. As soon as practicable after the Distribution Date, subject to the consent of Park Place and the trustee of the Park Place 401(k) Plan, Lakes shall cause the trustees of the Lakes 401(k) Plan to transfer to the trustee or other funding agent of the Park Place 401(k) Plan, the amounts (in cash, securities, other property or a combination thereof representing the account balances of all Company Individuals, said amounts to be established as account balances or accrued benefits of such individuals under the Lakes 401(k)
