Accrued Employee Benefits definition

Accrued Employee Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

Accrued Employee Benefits means any accrued wages, salary, vacation or other accrued paid time off or benefits for the employees of the Property, including without limitation those employees who will continue to be employed at the Property after the Closing.

Accrued Employee Benefits. (as hereinafter defined), there shall be no other adjustment for wages, vacation pay, pension and welfare benefits and other fringe benefits of all persons employed by Existing Operator at the Community; it being the intent of the parties that Buyer shall have no liability or obligation with respect to any employee of Existing Operator prior to Closing. Any Accrued Employee Benefits shall be paid to Buyer as a credit; provided, however, that to the extent that the transfer of any portion of such Accrued Employee Benefits from Existing Operator to Buyer or its property manager requires a consent by the applicable Hired Employee, and such consent is not obtained, Existing Operator shall pay to such Hired Employee the applicable Accrued Employee Benefits that are required by Law to be paid to such Hired Employee.

Examples of Accrued Employee Benefits in a sentence

• The Accrued Employee Benefits shall be payable in accordance with the terms of the plan, policy, practice, program, contract or agreement under which such benefits have been accrued.

• Accrued Employee Benefits Based on obligations as determined by collective agreements and contractual arrangements, employee benefit accruals, which include an allowance for vacation entitlement and overtime benefits, are recorded in the year in which they are earned.

• Accrued Employee Benefits shall be payable in accordance with the terms of the plan, policy, practice, program, contract or agreement under which such benefits have accrued.

• Any Accrued Employee Benefits shall be paid to Buyer as a credit; provided, however, that to the extent that the transfer of any portion of such Accrued Employee Benefits from Existing Operator to Buyer or its property manager requires a consent by the applicable Hired Employee, and such consent is not obtained, Existing Operator shall pay to such Hired Employee the applicable Accrued Employee Benefits that are required by Law to be paid to such Hired Employee.

• These accounts consist of Accrued Wages, Accrued Employee Benefits, Accrued Insurance Claims Reserve, Accrued Utility Taxes, Deposits and Contractor Retainage.

More Definitions of Accrued Employee Benefits

Accrued Employee Benefits shall have the meaning set forth in Section 2.9(a).

Accrued Employee Benefits. (as hereinafter defined), for which Buyer shall receive a credit at Closing, there shall be no other adjustment for wages, vacation pay, pension and welfare benefits and other fringe benefits of all persons employed by Seller at the Facility; it being the intent of the parties that Buyer shall have no liability or obligation with respect to any employee of Seller prior to Closing.

Accrued Employee Benefits means (i) the COBRA benefits (described in part 6 of Subtitle B of Subchapter 1 of ERISA) required to be provided or funded by Seller to, or for the account of any of its Employees as a result of Seller's statutory or contractual obligations, and (ii) unused vacation and sick days accrued by Seller's employees, and set forth on Schedule 2.1.9(a) hereto as updated through Closing as described in Article 5.2.11 hereof.

Accrued Employee Benefits. Schedule 4.4(s) lists the Accrued Employee Benefits as at February 28, 2001, including the name of the person entitled to such benefit and the amount thereof.

Accrued Employee Benefits means accrued employee benefits and liabilities of Company including, but not limited to, accrued payroll, vacation and commission and severance benefits of Transferred Employees and employee benefits listed on Schedule 1(c) annexed hereto and made a part hereof. Accrued Employee Benefits are defined as including a maximum liability to Seller of One Hundred and Five Thousand Dollars ($105,000) of severance benefits for terminations by Company prior to the Purchase Date and up to and including executive terminations through January 15, 1999, but excluding any other severance benefit granted to or claimed by a Transferred Employee or a former employee of Company, all of which shall be the liability and expense of Buyer.

Accrued Employee Benefits has the meaning set forth in Section 6(n)(ii).

Accrued Employee Benefits shall be deemed to include, without limitation, any bonus payable to any employee to the extent that such bonus is attributable to services rendered by such employee prior to the Closing Date, but payable after the Closing Date.