Assumed Vacation Liability definition

Assumed Vacation Liability means the liability for accrued vacation owed by Seller to employees of Seller who are hired by Purchaser effective the day after Closing, as such liability exists as of the Effective Time, in the amount of such liability which is assumed by Purchaser. It is understood that the amount of accrued vacation assumed by Purchaser for any individual employee shall not exceed the amount which such employee can earn in one year. Any amount of accrued vacation in excess of said amount shall remain Seller’s responsibility.

Examples of Assumed Vacation Liability in a sentence

  • Seller shall pay or satisfy all Liabilities that Seller has to employees (other than the Assumed Vacation Liability) within thirty (30) days of Closing, in accordance with Seller’s normal practices and procedures, so as to avoid any adverse impact upon the Business and the Purchased Assets in the hands of Purchaser.

Related to Assumed Vacation Liability

  • 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;

  • SpinCo Liabilities shall have the meaning set forth in Section 2.3(a).

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

  • Assumed Environmental Liabilities has the meaning specified in Section 7.4.

  • BRRD Liability means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.

  • Pre-Closing Environmental Liabilities means (i) any violation of Environmental Law arising in connection with the ownership or operation of the Properties prior to the Effective Time, (ii) any Release of Hazardous Substances onto or from the Properties prior to the Effective Time or relating to or arising from any activities conducted on such properties or from operation of such assets prior to the Effective Time and (iii) any claim, action, cause of action, inquiry, investigation, remediation, removal or restoration with respect to the matters set forth in subsection (i) or (ii) above

  • Assumed Liabilities has the meaning set forth in Section 2.3.

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

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Schedule of Retained Causes of Action means the schedule of certain Causes of Action of the Debtors that are not released, waived, or transferred pursuant to the Plan, as the same may be amended, modified, or supplemented from time to time.

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

  • Assumed Servicing Liability means any Liabilities with respect to any Serviced Appointments (or Serviced Corporate Trust Contracts) that arise out of or relate to facts, circumstances, actions, omissions and/or events occurring from and after the Closing and prior to the applicable Succession Time for such Serviced Appointment; provided that Assumed Servicing Liability shall not include any Liabilities that arise out of or relate to facts, circumstances, actions, omissions and/or events with respect to any Retained Duties or any matters for which Seller or any of its Affiliates is responsible pursuant to Section 3.9.

  • Parent Benefit Plans has the meaning set forth in Section 5.07(b).

  • Third Party Liability means the liability of ARTC and/or the Operator to any third party (not being a related entity as defined in the Corporations Act 2001) who suffers any personal injury, property or economic loss or damage as a consequence of an Incident.

  • 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).

  • Seller Benefit Plans has the meaning set forth in Section 4.10(a).

  • Hovercraft Liability This policy does not cover "hovercraft liability".

  • Buyer Benefit Plans has the meaning set forth in Section 6.10(f).

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

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

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

  • Benefit Plans shall have the meaning set forth in Section 3.13(a).

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

  • Company Employee Plans has the meaning set forth in Section 3.12(a).

  • Contingent Liability means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other liability guaranteed thereby.