Assumption of Severance Liabilities. Effective as of the Distribution Date, SpinCo shall assume or retain, as applicable, responsibility for all liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a SpinCo Participant is entitled under a RemainCo Severance Plan as of the Distribution Date. Likewise, RemainCo shall assume or retain, as applicable, responsibility for all liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a RemainCo Participant is entitled under a RemainCo Severance Plan as of the Distribution Date.
Assumption of Severance Liabilities. Prior to and effective as of the Distribution Date (i) FTD shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge in due course in full, all obligations relating to any benefit to which a FTD Participant is entitled under the UOL Severance Plan and (ii) United Online shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge in due course in full all obligations relating to any benefit to which the UOL Participant is entitled under a UOL Severance Plan.
Assumption of Severance Liabilities. Effective as of the Effective Time, Spectra Energy shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a Spectra Energy Participant is entitled under a Duke Energy Severance Plan as of the Distribution Date. Likewise, Duke Energy shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a Duke Energy Participant is entitled under a Duke Energy Severance Plan as of the Distribution Date.
Assumption of Severance Liabilities. Prior to and effective as of the Distribution Date (i) New A&B shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge in due course in full, all obligations relating to any benefit to which a New A&B Participant is entitled under a Holdings Severance Plan and (ii) Holdings shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge in due course in full all obligations relating to any benefit to which a Holdings Participant is entitled under a Holdings Severance Plan.
Assumption of Severance Liabilities. Effective as of the Effective Time, (i) Broadridge shall assume responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which any Broadridge Participant may otherwise be entitled and (ii) ADP shall have no Liability or responsibility to pay any benefits to any Broadridge Employee pursuant to the terms of the ADP Severance Policy.
Assumption of Severance Liabilities. In the event of termination of employment of any Transferred Employee following the Distribution Date, such employee shall be entitled to receive from FCPT severance benefits no less favorable than those to which the employee would have been entitled from Xxxxxx on or prior to the Distribution Date. Xxxxxx shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which any Xxxxxx Participant, Former Employee or any other employee of Xxxxxx or its Affiliates other than a Transferred Employee may become entitled under any applicable severance program or policy as of and following the Distribution Date.
Assumption of Severance Liabilities. Following the Effective Time, ADP shall have no Liability or responsibility to pay any benefits to any CDK Employee pursuant to the terms of the ADP Severance Policy. In addition, notwithstanding the provisions of Section 2.1, following the Effective Time, CDK shall assume or retain, as applicable, and agrees to pay, perform, fulfill and discharge, in due course, all Liabilities with respect to the outstanding and unpaid severance pay and benefits in respect of each Former CDK Employee who as of the Effective Time is receiving severance pay and benefits (whether pursuant to the ADP Severance Policy or an agreement between such Former CDK Employee and any member of the ADP Group or the CDK Group, as applicable).
Assumption of Severance Liabilities. Effective as of the Effective Time, GasCo shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a GasCo Participant is entitled under a Duke Energy Severance Plan as of the Distribution Date. Likewise, Duke Energy shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a Duke Energy Participant is entitled under a Duke Energy Severance Plan as of the Distribution Date.
Assumption of Severance Liabilities. Effective as of the Distribution Date, QEP shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a QEP Participant is entitled under the Questar Executive Severance Plan as of the Distribution Date. Likewise, Questar shall assume or retain, as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which a Questar Participant is entitled under the Questar Executive Severance Plan as of the Distribution Date.
Assumption of Severance Liabilities. (a) Severance Liabilities. Newco shall be responsible for the severance obligations, if any, to Newco Group Employees whose employment is terminated after the Effective Time and neither Vornado nor JBG shall have Liability with respect to such severance obligations, except as set forth in the Transaction Agreement.
