Common use of Crediting of Service Clause in Contracts

Crediting of Service. With regard to ▇▇▇▇▇▇▇▇▇’▇ Plans, employees hired by ▇▇▇▇▇▇▇▇▇ on or after the Closing Date shall receive credit for their service with FabriSteel prior to Closing for purposes of (i) eligibility to participate (with regard to all such plans), (ii) vesting (only with regard to tax qualified plans established under Code Section 401(a)) and (iii) in the case of vacation, severance or similar plans basing benefit amounts on length of service (excluding any defined benefit pension plans), amount of benefits.