Common use of Benefit Continuation Clause in Contracts

Benefit Continuation. You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen (15) calendar days after the effective date of the Waiver and Release a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

Appears in 18 contracts

Samples: Waiver and General Release Agreement (LKQ Corp), Sponsoring Agreement (LKQ Corp), Sponsoring Agreement (LKQ Corp)

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Benefit Continuation. You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen thirty (1530) calendar days after the effective date of the Waiver and Release Date of Termination a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

Appears in 8 contracts

Samples: Waiver and General Release Agreement (LKQ Corp), Waiver and General Release Agreement (LKQ Corp), Change of Control Agreement (LKQ Corp)

Benefit Continuation. You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, participated immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced terminate to the extent that you and your then eligible dependents become covered under a group health or dental care plan providing a comparable medical and health benefitsbenefit. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event the Company determines on or prior to the Date of Termination that (i) the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”))) or (ii) your participation in such plans would cause such plans to fail to meet the requirements for tax-favored group health plan coverage under the Code, in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen thirty (1530) calendar days after the effective date of the Waiver and Release Date of Termination a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRAeligibility for COBRA continuation coverage, your “qualifying event” as defined under COBRA event date will be the date of loss of coverage described in this paragraph above.

Appears in 4 contracts

Samples: Change of Control Agreement (Advance America, Cash Advance Centers, Inc.), Change of Control Agreement (Advance America, Cash Advance Centers, Inc.), Change of Control Agreement (Advance America, Cash Advance Centers, Inc.)

Benefit Continuation. You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, "Health Plans") of the Company (at the Company’s 's cost) in which you participated, or were eligible to participate, participated immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced terminate to the extent that you and your then eligible dependents become covered under a group health or dental care plan providing a comparable medical and health benefitsbenefit. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event the Company determines on or prior to the Date of Termination that (i) the terms of the Company’s 's Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"))) or (ii) your participation in such plans would cause such plans to fail to meet the requirements for tax-favored group health plan coverage under the Code, in lieu of your and your eligible dependent’s 's coverage and participation under the Company’s 's Health Plans, the Company shall pay to you within fifteen thirty (1530) calendar days after the effective date of the Waiver and Release Date of Termination a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRAeligibility for COBRA continuation coverage, your "qualifying event" as defined under COBRA event date will be the date of loss of coverage described in this paragraph above.

Appears in 1 contract

Samples: Waiver and General Release Agreement (Advance America, Cash Advance Centers, Inc.)

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Benefit Continuation. You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s 's cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s 's Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s 's coverage and participation under the Company’s 's Health Plans, the Company shall pay to you within fifteen thirty (1530) calendar days after the effective date of the Waiver and Release Date of Termination a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

Appears in 1 contract

Samples: Change of Control Agreement (LKQ Corp)

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