Buyer Qualified Plan definition
Examples of Buyer Qualified Plan in a sentence
As soon as administratively practicable after the adoption of the Buyer Qualified Plan, American and the Inland Parties shall cooperate to effect a trustee-to-trustee transfer of the Savings Plan accounts of Transferred Employees (including participant loans balances) from the Savings Plan to the Buyer Qualified Plan.
Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement (as amended by this Loan Modification Agreement).
Buyer will use Commercially Reasonable Efforts to cause its retirement plan that is intended to be qualified within the meaning of section 401(a) of the Code (the “Buyer Qualified Plan”) to accept the “eligible rollover distributions” (within the meaning of section 402(c)(4) of the Code) of each Continuing Employee who is eligible to participate in the Buyer Qualified Plan that is a defined contribution plan qualified within the meaning of section 401(a) of the Code.
For the avoidance of doubt, a Transferred Employee’s service with the Company or any of its Affiliates shall not be recognized for purposes of eligibility or vesting under The Pictsweet Company 401(k) Retirement Plan or any other Buyer plan which is intended to be a qualified retirement plan (a “Buyer Qualified Plan”), benefit accrual under any Buyer Qualified Plan or to the extent that such recognition would result in a duplication of benefits.
Solely for purposes of the vesting of benefits under the Buyer Qualified Plan, each Company Employee shall receive service credit for employment with the Company (or its predecessor), to the same extent such service was recognized by the OMAM for such purpose under the tax-qualified defined contribution plan in which the Company Employees were eligible to participate immediately prior to the Closing.
Buyer or one of its Affiliates shall cause the Buyer Qualified Plan to accept the direct rollover of each continuing Employee’s account distributed from the Seller 401(k) Plan (including any notes representing participant loans) upon such continuing Employee’s election; provided that such direct rollover consists of the full balance (rather than a portion of the balance) of such account.
The Buyer shall credit Affected Employees with continuous service with the Companies or any Subsidiary of the Companies immediately prior to the Closing for purposes of eligibility and vesting, but not benefit accrual, under any applicable Buyer Qualified Plan.
If the Company Qualified Plan is terminated as described herein, the Employees shall be eligible immediately upon the Closing Date to commence participation in a Buyer Qualified Plan.
Following the Closing Date, the Company Employees shall be eligible to become participants in the Buyer 401(k) and Profit Sharing Plan (the "Buyer Qualified Plan") and the Buyer Scholarship Plan, in each case, in accordance with their terms as in effect from time to time.
Buyer will use Commercially Reasonable Efforts to cause its retirement plan that is intended to be qualified within the meaning of Section 401(a) of the Code (the "Buyer Qualified Plan") to accept the "eligible rollover distributions" (within the meaning of Section 402(c)(4) of the Code) of each Continuing Employee who is eligible to participate in the Buyer Qualified Plan that is a defined contribution plan qualified within the meaning of Section 401(a) of the Code.