Common use of Participant Account Clause in Contracts

Participant Account. With respect to the account balances of the participants under the Merging Plan, the following conditions shall apply; a. The sum of the account balances of the participants under the Merging Plan will be 100 percent vested prior to transfer and under the Receiving Plan immediately prior to the transfer and assignment shall equal the fair market value of the entire assets of the Receiving Plan immediately after the transfer and assignment; b. Immediately after the transfer and assignment, each participant shall have an account balance in the Receiving Plan equal to the sum of the Merger Account the participant had in the Merging Plan, if any, and the amount the participant had in the Receiving Plan, if any';

Participant Account. With respect to the account balances of the participants under the Merging Plan, the following conditions shall apply; a. The sum of the account balances of the participants under the Merging Plan will be 100 percent vested prior to transfer and under the Receiving Plan immediately prior to the transfer and assignment shall equal the fair market value of the entire assets of the Receiving Plan immediately after the transfer and assignment; b. Immediately after the transfer and assignment, each participant shall have an account balance in the Receiving Plan equal to the sum of the Merger Account the participant had in the Merging Plan, if any, and the amount the participant had in the Receiving Plan, if any'; c. The transfer of the account shall not eliminate any Code (411(d)(6)) protected benefit provided by the Merger.