Assumed Benefit Plan definition

Assumed Benefit Plan has the meaning provided in Section 4.13(d).

Assumed Benefit Plan means any Business Employee Benefit Plan (a) that is maintained or sponsored by a Transferred Company or (b) for which liabilities and/or assets transfer to Buyer or its Affiliates under applicable Law as a result of the transactions contemplated by this Agreement.

Assumed Benefit Plan means each Employee Benefit Plan or portion thereof (i) sponsored by one of the Purchased Companies as of the Closing, (ii) that Purchaser or any of its Affiliates has expressly agreed to assume pursuant to Article VII of this Agreement or (iii) that Purchaser or any of its Affiliates is required to assume under applicable Laws or any applicable Union Contract; provided however, that no defined UK Pension Scheme is an Assumed Benefit Plan.

Examples of Assumed Benefit Plan in a sentence

• Effective as of the Closing Date or the Deferred Closing Date, as applicable, each non-Business Employee who is a participant in any Purchaser Assumed Benefit Plan, if any, shall cease to accrue benefits under and be an active participant in any such Purchaser Assumed Benefit Plan.

• With respect to each Assumed Benefit Plan, copies of the applicable plan document or agreement, trust, insurance contract, funding vehicle, most recent financial statement and/or actuarial report, and material or non-routine filings with, or notices or correspondence from a Governmental Entity have been made available to Purchaser.

• Effective as of the Closing, each Transferred Employee shall cease to participate in any Benefit Plan (other than any Assumed Benefit Plan) as an active employee.

• Nothing contained herein, express or implied, is intended to confer upon any Transferred Employee any right to continued employment for any period or continued receipt of any specific employee benefit, or shall constitute an amendment to or any other modification of any Assumed Benefit Plan.

• Any Multiemployer Plan set forth in Section 2.16(b) of the Seller Disclosure Letter shall not be included as an Assumed Benefit Plan by any Buyer.

More Definitions of Assumed Benefit Plan

Assumed Benefit Plan means each Business Benefit Plan, or portion thereof, any assets or Liabilities of which (a) the Purchaser has expressly agreed to assume pursuant to this Agreement or (b) the Purchaser or any of its Subsidiaries is required to assume under applicable Law, Contract or labor Contract (including where transfer is required as a result of the application of the Transfer Regulations or to effect a mandatory transfer of employment under the Transfer Regulations, as applicable).

Assumed Benefit Plan means any Benefit Plan (or portion thereof): (a) that is maintained or sponsored by any of the Transferred Entities; or (b) for which liabilities or assets transfer to Buyers or their respective Affiliates under applicable Law (or pursuant to the transfer of the Shares) or any Labor Contract as a result of the transactions contemplated by this Agreement.

Assumed Benefit Plan means (i) the Indigo SARs and Naspers Rollover RSUs, to the extent that Monsoon is explicitly assuming the Liabilities with respect to such awards pursuant to Section 7.07 of this Agreement, and (ii) each Indigo Business Benefit Plan that Monsoon or any Monsoon Subsidiary (including any Indigo Group Company following the Closing) is required to assume under applicable Law or any applicable individual employment agreement, other than, in each case, those Indigo Business Benefit Plans identified on Section 4.11(a) of the Indigo Parent Disclosure Letter with an asterisk.

Assumed Benefit Plan means any Business Employee Benefit Plan (or portion thereof) (i) that is maintained or sponsored by the Transferred Company or any of its Subsidiaries, (ii) for which liabilities or assets transfer to Buyer or its Affiliates under applicable Law as a result of the transactions contemplated by this Agreement or (iii) that Buyer has explicitly agreed to assume pursuant to this Agreement, and, in each case, which is identified on Section 3.12(a) of the Disclosure Letter.

Assumed Benefit Plan means (a) any Assumed Peabody Benefit Plan and (b) any Assumed Arch Benefit Plan.

Assumed Benefit Plan has the meaning specified in Section 4.09, including the Transferred Pension Plans.

Assumed Benefit Plan means each Employee Benefit Plan (other than any plan, program or arrangement sponsored by a Governmental Authority) that (i) is sponsored, maintained or contributed to by the Company as of the Closing Date, or (ii) Buyer or any of its Affiliates is required to assume under applicable Legal Requirements or any applicable Collective Bargaining Agreement; provided that no Seller Benefit Plan shall be deemed to be an Assumed Benefit Plan.