Assumed Vacation definition

Assumed Vacation means the aggregate amount, determined in accordance with GAAP, of the Transferred Employees’ unused vacation and short-term leave entitlement immediately prior to the Effective Time.
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Assumed Vacation means any vacation, accrued but unpaid to the Transferred Employees under Seller’s vacation policy as of the Closing Date and listed on Schedule 3.5.
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Assumed Vacation. Is defined in Section 6.6(e).
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Examples of Assumed Vacation in a sentence

  • The Purchase Price shall be reduced by the aggregate dollar value of the Assumed Vacation Liabilities, and Purchaser’s assumption of the Assumed Vacation Liabilities shall be contingent upon such Purchase Price reduction being provided to Purchaser.

  • Seller shall indemnify the Purchaser Indemnified Parties against, be liable to the Purchaser Indemnified Parties for and hold each Purchaser Indemnified Party harmless from, any and all Losses incurred or suffered by each Purchaser Indemnified Party relating to (a) the Seller’s and its Affiliates’ employment or termination of the Transferred Employees, or (b) except for the Assumed Vacation Liabilities, all Liabilities and obligations in respect of Seller Benefit Plans.

  • Except for the Assumed Vacation Liabilities, Seller or its designated Affiliate shall retain all assets and Liabilities related to the Seller Benefit Plans whether incurred before, on or after the applicable Hiring Dates of the Transferred Employees, and neither Purchaser nor any of its Affiliates shall have any Liability with respect thereto.

  • Not fewer than five Business Days prior to the anticipated Closing Date, Seller shall deliver to Purchaser a statement setting forth Seller’s good faith estimates of the Closing Payment, the Closing Reimbursement Payment and the Assumed Vacation Liabilities (the “ Estimated Statement”), which shall be accompanied with reasonable supporting documentation for such calculations.

  • Within forty five (45) days following the Closing Date, Purchaser shall prepare and deliver to Seller a statement (the “ Final Statement”) setting forth Purchaser’s determination of the Closing Payment, the Closing Reimbursement Payment and the Assumed Vacation Liabilities.

  • Except to the extent otherwise required by applicable Law, Purchaser shall assume (and Seller shall be relieved of) all Liabilities for all accrued but unused vacation benefits of the Transferred Employees (the “ Assumed Vacation Liabilities”), which, for each such Transferred Employee, shall be identified by Seller in the form of Schedule 5.4(a) and included as part of the Estimated Statement delivered pursuant to Section 2.3(c).

  • Within forty five (45) days following the Closing Date, Purchaser shall prepare and deliver to Seller a statement (the “Final S tatement”) setting forth Purchaser’s determination of the Closing Payment, the Closing Reimbursement Payment and the Assumed Vacation Liabilities.

  • Not fewer than five Business Days prior to the anticipated Closing Date, Seller shall deliver to Purchaser a statement setting forth Seller’s good faith estimates of the Closing Payment, the Closing Reimbursement Payment and the Assumed Vacation Liabilities (the “Estimated S tatement”), which shall be accompanied with reasonable supporting documentation for such calculations.

  • Buyer has no obligation whatsoever to employ any such employees or to pay any benefits which any employee has or claims to have by virtue of an employment relationship with Seller, other than the Assumed Vacation Day Pay Obligations.

  • As of the Closing, Dow shall be relieved of all Assumed Vacation Liabilities, except to the extent otherwise required by applicable Law.


More Definitions of Assumed Vacation

Assumed Vacation has the meaning specified in Section 5.2(e).
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Related to Assumed Vacation

  • Vacation means annual vacation with pay.

  • Transferred Employees has the meaning set forth in Section 6.4(a).

  • Company Employees shall have the meaning set forth in Section 6.10(a).

  • Annual Business Plan means the business plan for the next calendar year made by Party A in accordance with this agreement prior to November 30 every year with the assistant of Party B.

  • Seller 401(k) Plan shall have the meaning set forth in Section 6.01(i).

  • Seller Employees shall have the meaning ascribed thereto in Section 7.4(a) hereof.

  • Current Sick Leave means those days of sick leave for the current contract year, which leave is granted at the rate of one day of sick leave per month worked, or major part thereof.

  • Transferring Employees means employees of the Incumbent Contractor who are wholly or mainly assigned to work in the provision of the Service and who are subject of a Relevant Transfer to the Contractor by virtue of the application of the TUPE Regulations.

  • Retained Employees has the meaning set forth in Section 6.1.1.

  • Continuing Employees shall have the meaning set forth in Section 6.9(a).

  • Buyer 401(k) Plan has the meaning set forth in Section 6.01(h).

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).

  • Metropolitan Region Scheme or “Scheme” has the meaning ascribed to that expression in the Scheme Act;

  • Company 401(k) Plan has the meaning set forth in Section 6.4(e).

  • Business Employees has the meaning set forth in Section 4.10(a).

  • converted employment and support allowance means an employment and support allowance which is not income-related and to which a person is entitled as a result of a conversion decision within the meaning of the Employment and Support Allowance (Existing Awards) Regulations 2008;

  • Sick Leave means the period of time an employee is absent from work with or without pay, by virtue of sickness, quarantine, or accident, or out-of-town medical/dental referrals for which compensation is not payable under the Worker's Compensation Act.

  • Initial Business Plan means the business plan to be provided by the Franchisee to the Secretary of State as described in paragraph 2.1 of Schedule 13 (Information and Industry Initiatives);

  • Employee Liabilities means all claims, actions, proceedings, orders, demands, complaints, investigations (save for any claims for personal injury which are covered by insurance) and any award, compensation, damages, tribunal awards, fine, loss, order, penalty, disbursement, payment made by way of settlement and costs, expenses and legal costs reasonably incurred in connection with a claim or investigation including in relation to the following: redundancy payments including contractual or enhanced redundancy costs, termination costs and notice payments; unfair, wrongful or constructive dismissal compensation; compensation for discrimination on grounds of sex, race, disability, age, religion or belief, gender reassignment, marriage or civil partnership, pregnancy and maternity or sexual orientation or claims for equal pay; compensation for less favourable treatment of part-time workers or fixed term employees; outstanding debts and unlawful deduction of wages including any PAYE and National Insurance Contributions in relation to payments made by the Customer or the Replacement Supplier to a Transferring Supplier Employee which would have been payable by the Supplier or the Sub-Contractor if such payment should have been made prior to the Service Transfer Date; claims whether in tort, contract or statute or otherwise; any investigation by the Equality and Human Rights Commission or other enforcement, regulatory or supervisory body and of implementing any requirements which may arise from such investigation;

  • Returning Employees means those persons listed in a schedule to be agreed by the Parties prior to the end of the Contract Period who it is agreed were employed by the Contractor (and/or any Sub-Contractor) wholly or mainly in the supply of the Services immediately before the end of the Contract Period.

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

  • Vacation Year means the twelve (12) month period commencing on the first (1st) day of April in each calendar year and concluding on the thirty-first (31st) day of March of the following calendar year.

  • contributory employment and support allowance means an allowance under Part 1 of the Welfare Reform Act 2007 as amended by the provisions of Schedule 3, and Part 1 of Schedule 14, to the Welfare Reform Act 2012 that remove references to an income-related allowance and a contributory allowance under Part 1 of the Welfare Reform Act 2007 as that Part has effect apart from those provisions;

  • Transferring Former Supplier Employees in relation to a Former Supplier, those employees of the Former Supplier to whom the Employment Regulations will apply on the Relevant Transfer Date; and

  • Working Week means an average of 48 hours each week calculated over a 17-week reference period.

  • Compensatory time off means authorized time off earned by or awarded to an employee to compensate in whole or in part for time worked in excess of the minimum work time required of that employee as a condition of his or her employment.