Welfare Coverages Sample Clauses

Welfare Coverages. Any employee welfare plans established or maintained by Buyer in satisfaction of Section 11.2(b) which cover or reimburse Eligible Individuals for medical or dental expenses ("Buyer's Medical Plans") shall not exclude from payment or reimbursements expenses attributable to any condition of an Eligible Individual on the basis that it is a pre-existing condition. The Buyer shall use its reasonable best efforts to secure from its insurers an agreement, without the Buyer incurring a substantial cost, to credit the dollar amount of all expenses incurred by the Eligible Individuals during the applicable plan year of Buyer's Medical Plans in which the Closing Date occurs for purposes of satisfying any deductible and co-payment requirements applicable for such year under Buyer's Medical Plans. During the Benefits Maintenance Period, the Buyer shall maintain severance, reduction-in-force and pay-in-lieu-of-notice benefits for the Assumed Employees no less favorable than the severance, reduction-in-force and pay-in-lieu-of-notice benefits provided to such Assumed Employees by Sellers immediately prior to the Closing Date and disclosed on Schedule 5.10.
Sample 1
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Welfare Coverages. Without limiting the scope of Section 6.3(a), Purchaser shall cause each Transferred Employee (and his or her eligible dependents) to be covered following the Closing by a group health plan substantially similar to the group health plan of the Seller as in effect on the Closing Date. The Purchaser shall assume any obligation of the Seller to provide Employees and Former Employees with continued health coverage required pursuant to COBRA. The Seller shall remain responsible for all claims incurred by Transferred Employees on or prior to the Closing under its group health plans and the Purchaser shall be responsible for all claims incurred after the Closing under its group health plans. For the purposes of clarity, a claim shall be considered incurred when the treatment for a given condition is provided, and not when the condition arose.
Sample 1
Welfare Coverages. The Executive may exercise his right under COBRA to ----------------- continue those medical and dental coverages which are then currently available to the Company's employees generally by making monthly payments for such coverages to the Company, subject to such terms and conditions as apply to any former employee entitled to exercise his or her COBRA rights. Executive acknowledges that the 18-month continuation period for these coverages commences April 22, 1997. Executive understands and agrees that Executive's coverages under the Company's other "welfare plans," within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended, ceased as of April 22, 1997.
Sample 1
Welfare Coverages. For a period of twenty-four months following the Effective Time, the Consultant (and his eligible dependents, if applicable) will either (i) continue to participate, at the Company’s cost, in Company-sponsored group health care, life insurance, and disability coverages, as in effect from time to time, on the same basis as applies to active employees of the Company generally or (ii) be provided with health care, life insurance, and disability coverages reasonably equivalent to the coverages described in (i). Following the expiration of such twenty-four month period, the Consultant (and his eligible dependents) will be eligible for health care continuation “COBRA” coverage under Section 4980B of the Internal Revenue Code of 1986, as amended.
Sample 1

Related to Welfare Coverages

  • Coverage Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence form, against risks customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury, and contractual liability per the terms of the indemnification agreement found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and agrees to maintain a minimum of $2,000,000 of directors’ and officers’ insurance for each occurrence and $5,000,000 in the aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused, in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles.

  • Health Care Coverage The Company shall continue to provide Executive with medical, dental, vision and mental health care coverage at or equivalent to the level of coverage that the Executive had at the time of the termination of employment (including coverage for the Executive’s dependents to the extent such dependents were covered immediately prior to such termination of employment) for the remainder of the Term of Employment, provided, however that in the event such coverage may no longer be extended to Executive following termination of Executive’s employment either by the terms of the Company’s health care plans or under then applicable law, the Company shall instead reimburse Executive for the amount equivalent to the Company’s cost of substantially equivalent health care coverage to Executive under ERISA Section 601 and thereafter and Section 4980B of the Internal Revenue Code (i.e., COBRA coverage) for a period not to exceed the lesser of (A) 18 months after the termination of Executive’s employment or (B) the remainder of the Term of Employment, and provided further that (1) any such health care coverage or reimbursement for health care coverage shall cease at such time that Executive becomes eligible for health care coverage through another employer and (2) any such reimbursement shall be made no later than the last day of the calendar year following the end of the calendar year with respect to which such coverage or reimbursement is provided. The Company shall have no further obligations to the Executive as a result of termination of employment described in this Section 8(a) except as set forth in Section 12.

  • Insurance Coverages The Company shall procure and maintain in full force and effect throughout the Term of this Agreement insurance coverages of the following types and amounts and with insurance companies rated not less than A- by A.M. Best, or otherwise equivalent in respect of the Company’s properties and operations:

  • Insurance Coverage The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.

  • Welfare Benefits Subject to the terms and conditions of this Agreement, for a period of twelve (12) months following the date of Involuntary Termination (and an additional twelve (12) months if the Executive provides consulting services under Section 14(f) hereof), the Executive and his dependents shall be provided with life, disability, accident and group medical benefits which are substantially similar to those provided to the Executive and his dependents immediately prior to the date of Involuntary Termination or the Change in Control Date, whichever is more favorable to the Executive. Without limiting the generality of the foregoing, the continuing benefits described in the preceding sentence shall be provided on substantially the same terms and conditions and at the same cost to the Executive as in effect immediately prior to the date of Involuntary Termination or the Change in Control Date, whichever is more favorable to the Executive. Such benefits shall be provided in a manner that complies with Treasury Regulation Section 1.409A-1(a)(5). Notwithstanding the foregoing, if Sempra Energy determines in its sole discretion that the portion of the foregoing continuing benefits that constitute group medical benefits cannot be provided without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act) or that the provision of such group medical benefits under this Agreement would subject Sempra Energy or any of its Affiliates to a material tax or penalty, (i) the Executive shall be provided, in lieu thereof, with a taxable monthly payment in an amount equal to the monthly premium that the Executive would be required to pay to continue the Executive’s and his covered dependents’ group medical benefit coverages under COBRA as then in effect (which amount shall be based on the premiums for the first month of COBRA coverage) or (ii) Sempra Energy shall have the authority to amend the Agreement to the limited extent reasonably necessary to avoid such violation of law or tax or penalty and shall use all reasonable efforts to provide the Executive with a comparable benefit that does not violate applicable law or subject Sempra Energy or any of its Affiliates to such tax or penalty.

  • Coverages Tenant shall have issued, pay the premiums therefor, and maintain in full force and effect during the Lease Term:

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Post-Termination Insurance Coverage (a) If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank shall continue or cause to be continued at the Bank’s expense medical and life insurance benefits for the Executive and any of his dependents covered at the time of his termination. The medical insurance benefits shall continue until the first to occur of (w) the Executive’s return to employment with the Bank or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates.

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by the Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below, or on a facultative basis, subject to the requirements set forth in Section B below, or on a facultative obligatory basis, subject to the requirements set forth in Section C below. The specifications for all reinsurance under this Agreement are provided in Schedule B.

  • Long-Term Disability Insurance Salary continuation benefit for total disability. Benefit commences with ninetieth day of disability and continues to a maximum of age sixty-five. Annual maximum benefit shall be 60% of the Base Salary.

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