Participation and Crediting of Service Under Employee Plans and Practices Sample Clauses

Participation and Crediting of Service Under Employee Plans and Practices. Following Closing, (a) Buyer shall waive any waiting periods, exclusions, or pre-existing condition limitations that may otherwise be applicable to Transferred Employees, and their spouses and eligible dependents, under any benefit plans of Buyer, and (ii) Buyer shall honor or cause to be honored all premiums, co-payments and deductibles paid by the Transferred Employees, and their spouses and eligible dependents, during the plan year in which Closing occurs under the employee welfare benefit plans and arrangements of Echelon and its subsidiaries up to (and including) the Closing Date. Following Closing, each employee benefit plan or arrangement and employee compensation policy or practice sponsored by Buyer or its affiliates shall credit, for all purposes (except for benefit accruals under any defined benefit pension plans), all service of the Transferred Employees, and other employees and officers of Echelon and its subsidiaries, with Echelon and its subsidiaries (and their respective predecessors) to the same extent such service was taken into consideration under comparable employee benefit plans of Echelon and its subsidiaries.

Participation and Crediting of Service Under Employee Plans and Practices. Following the Closing, (i) Purchaser shall use its best efforts to ensure that no limitations or exclusions as to pre-existing conditions, evidence of insurability or good health or waiting periods, actively-at-work exclusions or other limitations or restrictions on coverage are applicable to any Transferred Employee or his or her spouse or dependent under any employee welfare benefit plans of Purchaser or its Affiliates in which the Transferred Employees may be eligible to participate, and (ii) Purchaser shall use its best efforts to provide or cause to be provided that any costs or expenses incurred by the Transferred Employees or any former employee of the Business receiving COBRA continuation coverage (and their respective spouses and dependents) up to and including the Closing Date shall be taken into account for purposes of satisfying applicable co-payment, deductible, maximum out-of-pocket provisions and like adjustments or limitations on coverage under such benefit plans of Purchaser or its Affiliates. Following the Closing, each employee benefit plan or arrangement and employee compensation policy or practice (including, without limitation, vacation, floating holiday, sickness, paid time off, retirement, severance and welfare benefit plans, of Purchaser and its Affiliates) shall credit, for all purposes, all service of the Transferred Employees with either Seller and its predecessors.