Common use of Certain Audit Procedures with Respect to Health and Welfare Plans Clause in Contracts

Certain Audit Procedures with Respect to Health and Welfare Plans. At periodic intervals beginning immediately after the Distribution Date, Parent and SpinCo shall examine their respective payments and receipts for health and welfare coverages to ascertain whether Parent has mistakenly made or received payments for coverages with respect to Transferred Individuals and whether SpinCo has mistakenly made or received payments for coverages with respect to participants and beneficiaries in the Parent Health and Welfare Plans (other than Transferred Individuals). If any such mistaken payments have been made or received by Parent or SpinCo, such mistaken payments and receipts shall first be netted against each other by Parent and SpinCo and thereafter such net payments or net receipts shall be further netted against the other party's net payments or net receipts. The party with the remaining amount of mistaken payments shall transfer such amount in cash to the other party at such time or times as agreed upon by Parent and SpinCo, but not less than semi-annually. Furthermore, at periodic intervals beginning immediately after the Distribution Date, Parent and SpinCo shall examine the payment of benefits and claims, and reimbursements for expenses, by their respective Health and Welfare Plans to ascertain whether any Parent Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to Transferred Individuals and whether any SpinCo Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to participants and beneficiaries in the Parent Health and Welfare Plans (other than Transferred Individuals). If any such mistaken payments or reimbursements have been made by any Parent or SpinCo Health and Welfare Plan, such mistaken payments and reimbursements shall be netted against the other corresponding Health and Welfare Plan's mistaken payments and reimbursements. The Health and Welfare Plan with the remaining amount of mistaken payments and reimbursements shall transfer such amount in cash to the other party's corresponding Health and Welfare Plan at such time or times as agreed upon by Parent and SpinCo, but not less than semi-annually.

Appears in 3 contracts

Samples: Employee Benefits Agreement (First National Bankshares of Florida Inc), Employee Benefits Agreement (FNB Corp/Fl/), Employee Benefits Agreement (First National Bankshares of Florida Inc)

AutoNDA by SimpleDocs

Certain Audit Procedures with Respect to Health and Welfare Plans. At periodic intervals beginning immediately Immediately after the Distribution Date, Parent Acuity and SpinCo shall examine their respective payments and receipts for health and welfare coverages to ascertain whether Parent Acuity has mistakenly made or received payments for coverages with respect to Transferred Individuals and whether SpinCo has mistakenly made or received payments for coverages with respect to participants and beneficiaries in the Parent Acuity Health and Welfare Plans (other than Transferred Individuals), including claims for long-term disability benefits. If any such mistaken payments have been made or received by Parent Acuity or SpinCo, such mistaken payments and receipts shall first be netted against each other by Parent Acuity and SpinCo and thereafter such net payments or net receipts shall be further netted against the other party's ’s net payments or net receipts. The party with the remaining amount of mistaken payments shall transfer such amount in cash to the other party at such time or times as agreed upon by Parent Acuity and SpinCo, but not less than semi-annually. Furthermore, at periodic intervals beginning immediately Immediately after the Distribution Date, Parent Acuity and SpinCo shall examine the payment of benefits and claims, and reimbursements for expenses, by their respective Health and Welfare Plans to ascertain whether any Parent Acuity Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to Transferred Individuals and whether any SpinCo Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to participants and beneficiaries in the Parent Acuity Health and Welfare Plans (other than Transferred Individuals). If any such mistaken payments or reimbursements have been made by any Parent Acuity or SpinCo Health and Welfare Plan, such mistaken payments and reimbursements shall be netted against the other corresponding Health and Welfare Plan's ’s mistaken payments and reimbursements. The Health and Welfare Plan with the remaining amount of mistaken payments and reimbursements shall transfer such amount in cash to the other party's ’s corresponding Health and Welfare Plan at such time or times as agreed upon by Parent Acuity and SpinCo, but not less than semi-annually.

Appears in 2 contracts

Samples: Employee Benefits Agreement (Zep Inc.), Employee Benefits Agreement (Acuity SpinCo, Inc.)

Certain Audit Procedures with Respect to Health and Welfare Plans. At periodic intervals beginning immediately Immediately after the Distribution Date, Parent NSI and SpinCo Spinco shall examine their respective payments and receipts for health and welfare coverages to ascertain whether Parent NSI has mistakenly made or received payments for coverages with respect to Transferred Individuals and whether SpinCo Spinco has mistakenly made or received payments for coverages with respect to participants and beneficiaries in the Parent NSI Health and Welfare Plans (other than Transferred Individuals). If any such mistaken payments have been made or received by Parent NSI or SpinCoSpinco, such mistaken payments and receipts shall first be netted against each other by Parent NSI and SpinCo Spinco and thereafter such net payments or net receipts shall be further netted against the other party's net payments or net receipts. The party with the remaining amount of mistaken payments shall transfer such amount in cash to the other party at such time or times as agreed upon by Parent NSI and SpinCoSpinco, but not less than semi-annually. Furthermore, at periodic intervals beginning immediately Immediately after the Distribution Date, Parent NSI and SpinCo Spinco shall examine the payment of benefits and claims, and reimbursements for expenses, by their respective Health and Welfare Plans to ascertain whether any Parent NSI Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to Transferred Individuals and whether any SpinCo Spinco Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to participants and beneficiaries in the Parent NSI Health and Welfare Plans (other than Transferred Individuals). If any such mistaken payments or reimbursements have been made by any Parent NSI or SpinCo Spinco Health and Welfare Plan, such mistaken payments and reimbursements shall be netted against the other corresponding Health and Welfare Plan's mistaken payments and reimbursements. The Health and Welfare Plan with the remaining amount of mistaken payments and reimbursements shall transfer such amount in cash to the other party's corresponding Health and Welfare Plan at such time or times as agreed upon by Parent NSI and SpinCoSpinco, but not less than semi-annually.

Appears in 1 contract

Samples: Employee Benefits Agreement (National Service Industries Inc)

AutoNDA by SimpleDocs

Certain Audit Procedures with Respect to Health and Welfare Plans. At periodic intervals beginning immediately Immediately after the Distribution Date, Parent Equifax and SpinCo PSI shall examine their respective payments and receipts for health and welfare coverages to ascertain whether Parent Equifax has mistakenly made or received payments for coverages with respect to Transferred Individuals and whether SpinCo PSI has mistakenly made or received payments for coverages with respect to participants and beneficiaries in the Parent Equifax Health and Welfare Plans (other than Transferred Individuals). If any such mistaken payments have been made or received by Parent Equifax or SpinCoPSI, such mistaken payments and receipts shall first be netted against each other by Parent Equifax and SpinCo PSI and thereafter such net payments or net receipts shall be further netted against the other party's net payments or net receipts. The party with the remaining amount of mistaken payments shall transfer such amount in cash to the other party at such time or times as agreed upon by Parent Equifax and SpinCoPSI, but not less than semi-annuallyquarterly. Furthermore, at periodic intervals beginning immediately Immediately after the Distribution Date, Parent Equifax and SpinCo PSI shall examine the payment of benefits and claims, and reimbursements for expenses, by their respective Health and Welfare Plans to ascertain whether any Parent Equifax Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to Transferred Individuals and whether any SpinCo PSI Health and Welfare Plan has mistakenly paid claims or benefits, or reimbursed expenses, with respect to participants and beneficiaries in the Parent Equifax Health and Welfare Plans (other than Transferred Individuals). If any such mistaken payments or reimbursements have been made by any Parent Equifax or SpinCo PSI Health and Welfare Plan, such mistaken payments and reimbursements shall be netted against the other corresponding Health and Welfare Plan's mistaken payments and reimbursements. The Health and Welfare Plan with the remaining amount of mistaken payments and reimbursements shall transfer such amount in cash to the other party's corresponding Health and Welfare Plan at such time or times as agreed upon by Parent Equifax and SpinCoPSI, but not less than semi-annuallyquarterly.

Appears in 1 contract

Samples: Employee Benefits Agreement (Equifax Ps Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.