Common use of Existing Plans Clause in Contracts

Existing Plans. API understands and agrees that: (a) except as described in Sections 3.15(b) and 3.15(c) of this Agreement, all Existing Plans or plans substantially comparable in the aggregate shall be maintained for individuals who are employees and former employees of ZERO as of the Closing Date for a period of at least one year from the Closing Date on terms at least as favorable (in the aggregate) as those in effect on the Closing Date; (b) ZERO's Deferred Compensation Plan of 1994 including any related funding arrangements (including without limitation any rabbi trusts and any amounts credited to such plan pursuant to ZERO's pension and stock restoration plans) shall actually be maintained and administered in accordance with their terms from and after the Closing Date and the affected participants and beneficiaries shall be considered third party beneficiaries of this Section 3.15(b); and (c) ZERO's Joint Life Insurance Plan of 1989 and Joint Life Insurance Plan of 1994 and any and all related funding arrangements including but not limited to rabbi trusts shall remain in effect upon and after the Closing Date and shall be administered in accordance with their respective terms and shall not be terminated or modified in any way without the consent of affected participants or beneficiaries and such participants and beneficiaries shall be considered third party beneficiaries of this Section 3.15(c).