Transfer Time definition
Examples of Transfer Time in a sentence
In the case of any Inactive Employee who becomes a Transferred Employee following the day after the Employee Leasing End Date, all references in this Agreement to the Transfer Time shall be deemed to be references to 12:01 a.m. on the date that such individual becomes a Transferred Employee.
For the avoidance of doubt, Purchaser shall be responsible for any Liabilities of Purchaser from (A) any Transferred Employee termination of employment by Purchaser on or after the Transfer Time or (B) any Transferred Employee’s resignation from employment with Purchaser on or after the Transfer Time.
If the Workers’ Compensation Event occurs over a period both preceding and following the Transfer Time, the claim shall be the joint responsibility and Liability of Seller Group and Purchaser and shall be equitably apportioned between Seller Group, on the one hand, and Purchaser, on the other hand, based upon the relative periods of time that the Workers’ Compensation Event transpired preceding and following the Transfer Time.
Effective as of the Transfer Time, each Transferred Employee shall cease to be an employee of any member of Seller Group and shall cease to participate in any Business Employee Benefit Plan, except to the extent applicable Law requires otherwise.
Seller and Purchaser intend that the Transferred Employees will have continuous and uninterrupted employment immediately before the Transfer Time with the Seller Group and immediately after the Transfer Time with Purchaser.