Common use of Ability to Merge or Amalgamate Clause in Contracts

Ability to Merge or Amalgamate. The Parties may amalgamate or merge the Trust with one or more other trusts that are employee life and health trusts within the meaning of section 144.1 of the Income Tax Act (Canada) and may amalgamate or merge the Fund, in whole or in part, or a Separate Account, with one or more funds maintained to provide benefits under an employee life and health trust within the meaning of section 144.1 of the Income Tax Act (Canada) provided that the Parties are satisfied that any amalgamation or merger of the Trust, the Fund or a Separate Account (an "Amalgamation") will not have the effect of depriving any Participant, Retired Employee or Beneficiary of any right to Benefits to which such Participant, Retired Employee or Beneficiary had become entitled or which had accrued to his credit pursuant to this Agreement or a Plan, and that the rights of such Participant, Retired Employee or Beneficiary under the arrangement created by the Amalgamation, including the benefit plan thereunder will, at the effective date of the Amalgamation be the substantial equivalent of their rights under this Agreement and a Plan. In connection with such Amalgamation, the Parties may enter into an amalgamation or merger agreement with the trustee or sponsor of one or more other trusts, amend or terminate this Agreement, transfer or cause the custodian or custodians (if any) to transfer and deliver the Fund or the assets of a Separate Account to the trustee or custodian of another trust or fund, and execute and deliver all such other documents and instruments and do or cause to be done such other acts as may be required to carry out any such amalgamation.