HMLP definition
Examples of HMLP in a sentence
Effective as of the Contribution Date, HMC shall transfer sponsorship of the Host Marriott Medical/Dental Plan to HMLP and HMLP shall be responsible for providing medical/dental coverage, including stop-loss insurance, if any, and assuming responsibility for the associated liabilities and accrued obligations under such Plan for all Retained Employees and HMC Qualified Beneficiaries.
Notwithstanding the preceding sentence, to the extent that the requirements of this Section 2.5.3 are inconsistent with: (x) the intended tax or accounting treatment of the Host REIT Conversion, or (y) any Existing HMC Stock Award, HMLP and Crestline shall mutually agree on the alternative adjustment.
HMLP and Crestline shall, in connection with the plan-to-plan transfer described in Section 2.2.4, cooperate in making any and all appropriate filings required by the Commission or the IRS, or required under the Code, ERISA or any applicable securities laws and the regulations thereunder, and take all such action as may be necessary and appropriate to cause such transfer to take place as soon as administratively convenient after the Distribution Date or otherwise when required by law.
After the separation of Employees into their respective companies, HMLP and Crestline will be separate and independent employers.
HMLP shall assume and continue the sponsorship, responsibility and the associated liabilities of HMC for the Plans listed on Schedule A, effective as of the Contribution Date.
HMC, HMLP and Crestline shall incur no liability to each other due to a default under the terms and conditions of this Agreement resulting from fire, flood, war, strike, lock-out, work stoppage or slow-down, labor disturbances, power failure, major equipment breakdowns, construction delays, accident, riots, acts of God, acts of United States' enemies, laws, orders or at the insistence or result of any governmental authority or any other delay beyond each other's reasonable control.
Effective as of the Contribution Date, HMC shall transfer to HMLP all accrued liabilities (whether vested or unvested and whether funded or unfunded) for paid time leave, if any, for Retained Employees and Retained Individuals.
HMLP shall upon the request of HMC or Crestline provide copies of all of its actions, consents, approvals and other communications given or made pursuant to its obligations under this Agreement to any lender of HMC or Crestline or other person specified by HMC or Crestline.
After the Distribution Date as to Crestline and the Contribution Date as to HMLP, HMLP and Crestline may adopt, continue, modify or terminate such employment policies, compensation practices, Plans, and other employee benefit arrangements of any kind or description, as each may determine, in its sole discretion, are necessary and appropriate.
HMLP shall credit each Retained --------------------------- Individual and Retained Employee with such Employee's Service Credits and original hire date as are reflected in HMC's records on the Contribution Date.