Common use of Retiree Programs Clause in Contracts

Retiree Programs. Each Company or the direct or indirect owner thereof shall provide retiree life insurance, retiree medical and retiree dental benefits to (i) all former employees of such Company who retired prior to the Closing Date and who were covered under retiree health programs of the Seller or its Affiliates (the "RETIREE PROGRAMS") as of the Closing Date, and to their covered dependents and (ii) all employees of such Company who were 50 years of age and older and who had not yet retired as of the Closing Date but who had met the service requirement for coverage under the Retiree Programs as of such date and to their covered dependents. Each Company or the direct or indirect owner thereof shall provide to such persons retiree life insurance, retiree medical and retiree dental benefits reasonably similar to the benefits they were entitled to immediately prior to the Closing Date.