You can chain “The Emperor’s Holiday” to “Premature Burial” and the effect of “Premature Burial” will be negated and the targeted monster will never leave the Graveyard. If “Premature Burial” is already active when you activate “The Emperor’s Holiday” the equipped monster is unaffected.
Netrep Rulings:
Union monsters will have their effects negated as long as “The Emperor’s Holiday” is active. Unioned monsters may not return to the monster field as long as “The Emperor’s Holiday” is active.
“The Emperor’s Holiday” has no effect on the monster equipped to “Thousand Eyes Restrict.”
Netrep Q&As:
Q: What happens to “Butterfly Dagger - Elma” when “The Emperor’s Holiday” is activated?
A: The “Butterfly Dagger - Elma’s” effect would activate if destroyed while “The Emperor’s Holiday” is active. Curtis Schultz, 02/04/2004
Q: What happens to “Dark Necrofear” (as an Equip Spell Card) when “The Emperor’s Holiday” is activated?
A: The monster “Dark Necrofear” is equipped would return to its previous controller. The “Dark Necrofear” will remain equipped to the monster. Curtis Schultz, 02/03/2004
Q: What happens to “Relinquished” (equipped with an opponent’s monster) when “The Emperor’s Holiday” is activated?
A: “Relinquished” will still retain the ATK and DEF stats of the equipped monster. This would be the same as when “Imperial Order” is active. Curtis Schultz, 02/03/2004