Common use of COBRA Obligations Clause in Contracts

COBRA Obligations. Seller shall comply with applicable statutory requirements to provide continuation coverage under Part 6 of Subtitle B of Title I of ERISA and Section 4980B of the Code (and any similar state law requirement) to (a) any former employee of Seller who, as of the Closing Date, has elected or is entitled to elect such coverage under Seller’s group health plans, and (b) any current employee of Seller (and any covered spouse or dependent of such employee) who becomes entitled to elect such coverage by virtue of the consummation of the transactions contemplated by this Agreement.