Old Plans definition
Examples of Old Plans in a sentence
For avoidance of doubt, the parties agree and acknowledge that Buyer shall not assume the Old Plans or any other Employee Benefit Plan maintained by or on behalf of the Companies and/or the Companies’ Subsidiaries as part of the transactions contemplated by this Agreement, nor any liabilities or obligations under such Old Plans and Employee Benefit Plans.
Nothing in this Agreement shall require AB to replace the Old Plans with New Plans where the Old Plans remain in full force and effect.
Notwithstanding any other provision of this Agreement to the contrary, Company Employees shall remain covered by the Old Plans which provide medical, dental, pharmaceutical, vision and/or disability benefits until December 31, 2007.
Between the Effective Time and January 1, 2016, Parent shall continue to maintain all Old Plans with respect to Company Employees.
Notwithstanding the foregoing, for purposes of any New Plan which provides a type of coverage not afforded to Continuing Employees under any of the Old Plans, or any Plan of Parent or a Subsidiary of Parent which provides either post-retirement or supplemental retirement benefits, the Continuing Employees shall not be eligible to participate, or shall participate at Parent's sole discretion with no credit for his or her periods of service with the Company prior to Closing.