IBNR Liabilities Sample Clauses

IBNR Liabilities. The Purchaser will assume an obligation to pay,to one or more segregated bank accounts to be notified in writing by Sellers to Purchaser prior to the Closing Date, any unpaid claims that were incurred under Sellers’ self-insured medical, dental, and prescription drug benefit plans prior to the Closing Date and are payable under the terms of such plans and reported to Sellers or Sellers’ benefits administration representatives on or before the 60th day following the Closing Date (such claims, the “IBNR Liabilities”, and such period, the “IBNR Claims Period”), it being understood for the avoidance of doubt that the Purchaser is not assuming the sponsorship of or any Liabilities under Sellers’ medical, dental and prescription drug benefit plans and that Sellers will further retain responsibility for administering the payment of all claims under such plans. Sellers shall promptly take all commercially reasonable actions to (i) amend their medical, dental and prescription drug plans to require that all claims incurred thereunder must be submitted to Sellers or their benefits administration representatives for payment within sixty (60) days following the Closing Date to be eligible for payment, and (ii) communicate such amendments to all plan participants and beneficiaries and Sellers’ benefits administration representatives. Sellers shall promptly provide Purchaser with (i) copies of such plan amendments and the general form of communications to participants and beneficiaries, together with information regarding the date and manner of communication, and (ii) reasonably detailed claims information as such information becomes available during the IBNR Claims Period so that Purchaser has an opportunity to review such information.

IBNR Liabilities. An incurred but not reported claim arising under or in respect of an Insurance Contract for the amount payable by one or both of the Companies in respect of a loss which has been incurred but has not been reported to or discovered by a Scheme Creditor plus the amount payable in respect of a general excess over Notified Outstanding Liabilities, to the extent that the current estimates of claims included as Notified Outstanding Liabilities may prove to be inadequate. Split the IBNR Liabilities between non-Qualifying Liabilities and Qualifying Liabilities according to the policies against which you are claiming IBNR Liabilities. To identify the difference between non-Qualifying ILU Policies and Qualifying ILU Policies, refer to the User Guide on the Website or contact the OIC Help Desk. Enter the values only in the Total US$ Equivalent row and provide any supporting information in accordance with the Estimation Guidelines and Supporting Evidence guidance (Appendices 2 and 3 of the Amending Scheme respectively).

IBNR Liabilities. The Purchaser will assume an obligation to pay, to one or more segregated bank accounts to be notified in writing by Sellers to Purchaser prior to the Closing Date, an amount not to exceed $904,000 in the aggregate (the “IBNR Cap”) for any unpaid claims that were incurred under Sellers’ self-insured medical, dental, and prescription drug benefit plans prior to the Closing Date and are payable under the terms of such plans and reported to Sellers or Sellers’ benefits administration representatives on or before the 60th day following the Closing Date (such claims, the “IBNR Liabilities”, and such period, the “IBNR Claims Period”), it being understood for the avoidance of doubt that the Purchaser is not assuming the sponsorship of or any Liabilities under Sellers’ medical, dental and prescription drug benefit plans and that Sellers will further retain responsibility for administering the payment of all claims under such plans. To the extent that the amount of the IBNR Liabilities exceeds the IBNR Cap during the IBNR Claims Period (such excess amount, the “Excess IBNR Liability”), the Purchaser shall pay any such Excess IBNR Liability but the Purchase Price shall be reduced by the amount of such Excess IBNR Liability in accordance with Section 2.07 of this Agreement. Sellers shall promptly take all commercially reasonable actions to (i) amend their medical, dental and prescription drug plans to require that all claims incurred thereunder must be submitted to Sellers or their benefits administration representatives for payment within sixty (60) days following the Closing Date to be eligible for payment, and (ii) communicate such amendments to all plan participants and beneficiaries and Sellers’ benefits administration representatives. Sellers shall promptly provide Purchaser with (i) copies of such plan amendments and the general form of communications to participants and beneficiaries, together with information regarding the date and manner of communication, and (ii) reasonably detailed claims information as such information becomes available during the IBNR Claims Period so that Purchaser has an opportunity to review such information.