Common use of Crediting of Service Clause in Contracts

Crediting of Service. From and after the Closing Date, Purchaser shall credit to the Transferred Business Employees, for all purposes under all employee benefit plans, employee benefit arrangements and employee compensation policies and practices of Purchaser, all prior service recognized by Seller with respect to such Transferred Business Employees immediately prior to the Closing Date for purposes of eligibility to participate in, vesting or payment of benefits under, and eligibility for early retirement or any subsidized benefit provided under, but not, except as provided in Section 12.1 and this Section 12.3, for purposes of determining the amount of any benefit under any employee benefit plan (including but not limited to any "employee benefit plan" as defined in Section 3(3) of ERISA) maintained by Purchaser. For purposes of computing deductible amounts (or like adjustments or limitations on coverage) under any "welfare plan" (as defined in Section 3(1) of ERISA), expenses and claims previously recognized for similar purposes under the applicable welfare plan of Seller shall be credited or recognized under Purchaser's welfare plan. Notwithstanding anything in this Section 12.3 to the contrary, Purchaser shall give the Transferred Business Employees full credit for all prior service recognized by Seller with respect to such Transferred Business Employees immediately prior to the Closing Date under the Purchaser's vacation pay plan or policy.

Crediting of Service. From and after the Closing Date, Purchaser shall credit to the Transferred Business Employees, for all purposes under all employee benefit plans, employee benefit arrangements and employee compensation policies and practices of Purchaser, all prior service recognized by Seller with respect to such Transferred Business Employees immediately prior to the Closing Date for purposes of eligibility to participate in, vesting or payment of benefits under, and eligibility for early retirement or any subsidized benefit provided under, but not, except as provided in Section SECTION 12.1 and this Section SECTION 12.3, for purposes of determining the amount of any benefit under any employee benefit plan (including but not limited to any "employee benefit plan" as defined in Section 3(3) of ERISA) maintained by Purchaser. For purposes of computing deductible amounts (or like adjustments or limitations on coverage) under any "welfare plan" (as defined in Section 3(1) of ERISA), expenses and claims previously recognized for similar purposes under the applicable welfare plan of Seller shall be credited or recognized under Purchaser's welfare plan. Notwithstanding anything in this Section SECTION 12.3 to the contrary, Purchaser shall give the Transferred Business Employees full credit for all prior service recognized by Seller with respect to such Transferred Business Employees immediately prior to the Closing Date under the Purchaser's vacation pay plan or policy.