Assumed Vacation definition

Assumed Vacation means the aggregate amount, determined in accordance with GAAP, of the Transferred Employees’ unused vacation and short-term leave entitlement immediately prior to the Effective Time.
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Assumed Vacation has the meaning specified in Section 5.2(e).
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Assumed Vacation means any vacation, accrued but unpaid to the Transferred Employees under Seller’s vacation policy as of the Closing Date and listed on Schedule 3.5.
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Examples of Assumed Vacation in a sentence

  • Seller shall indemnify the Purchaser Indemnified Parties against, be liable to the Purchaser Indemnified Parties for and hold each Purchaser Indemnified Party harmless from, any and all Losses incurred or suffered by each Purchaser Indemnified Party relating to (a) the Seller’s and its Affiliates’ employment or termination of the Transferred Employees, or (b) except for the Assumed Vacation Liabilities, all Liabilities and obligations in respect of Seller Benefit Plans.

  • Buyer has no obligation whatsoever to employ any such employees or to pay any benefits which any employee has or claims to have by virtue of an employment relationship with Seller, other than the Assumed Vacation Day Pay Obligations.

  • As of the Closing, UCC and its Affiliates, as applicable, shall be relieved of all Assumed Vacation Liabilities.

  • He was elected to Chair unanimously.Secretary: Jennifer Diagostino spoke about running for Secretary.

  • As of the Closing, Dow shall be relieved of all Assumed Vacation Liabilities, except to the extent otherwise required by applicable Law.

  • At the Employee Transfer Time, Seller shall pay to Buyer an amount in cash equal to the aggregate amount, determined in accordance with GAAP, of the Transferred Employees’ unused vacation and short-term leave entitlement immediately prior to the Employee Transfer Time (after giving effect to the Assumed Vacation).

  • Except to the extent prohibited by applicable Law or a Spinco Labor Agreement, effective as of the Spinco Distribution Date, Spinco shall, or shall cause the applicable member of the Spinco Group to, Assume all Liabilities for earned but unused vacation benefits of the Spinco Employees through the Spinco Distribution Date (the “Spinco Assumed Vacation Liabilities”).

  • Purchaser shall credit the applicable Assumed Vacation Days to each Accepting Employee as of the Transfer Date as an initial vacation time balance and such vacation time shall be treated in accordance with the applicable policies of Purchaser (which policies shall permit Accepting Employees to carry over up to ten vacation days into a subsequent calendar year).

  • As promptly as practicable after the Closing, but in no event later than January 13, 2023, Seller shall provide Buyer with a true, correct and complete schedule (the “Vacation Schedule”) reflecting the amount of Assumed Vacation Time for each applicable Buyer Employee, including related taxes, as of the Effective Time.

  • Since a major earthquake hasn’t occurred in Romania since 1990, the government and most local organizations have not taken significant action to improve seismic risk in Bucharest.


More Definitions of Assumed Vacation

Assumed Vacation. Is defined in Section 6.6(e).
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Related to Assumed Vacation

  • Vacation means annual vacation with pay.

  • Transferred Employees has the meaning set forth in Section 6.4(a).

  • Company Employees shall have the meaning set forth in Section 6.10(a).

  • Annual Business Plan means the development plan and budget report for Party B’s Business in the next calendar year which is prepared by Party B with the assistance of Party A pursuant to this Agreement before November 30 of each year.

  • Seller 401(k) Plan shall have the meaning set forth in Section 6.01(i).

  • Seller Employees shall have the meaning ascribed thereto in Section 7.4(a) hereof.

  • Current Sick Leave means those days of sick leave for the current contract year, which leave is granted at the rate of one day of sick leave per month worked, or major part thereof.

  • Transferring Employees means employees of the Incumbent Contractor who are wholly or mainly assigned to work in the provision of the Service and who are subject of a Relevant Transfer to the Contractor by virtue of the application of the TUPE Regulations.

  • Retained Employees has the meaning set forth in Section 6.1.1.

  • Continuing Employees shall have the meaning set forth in Section 6.9(a).

  • Buyer 401(k) Plan has the meaning set forth in Section 6.01(h).

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).

  • Metropolitan Region Scheme or “Scheme” has the meaning ascribed to that expression in the Scheme Act;

  • Company 401(k) Plan shall have the meaning set forth in Section 6.09(e).

  • Business Benefit Plan means each Benefit Plan that is contributed to, sponsored, maintained or entered into by Seller or a Retained Subsidiary, a Purchased Subsidiary or any Affiliate of any of them for the benefit of any Business Employee.

  • Business Employees has the meaning set forth in Section 4.10(a).

  • converted employment and support allowance means an employment and support allowance which is not income-related and to which a person is entitled as a result of a conversion decision within the meaning of the Employment and Support Allowance (Existing Awards) Regulations 2008;

  • Sick Leave means the period of time an employee is absent from work by virtue of being sick or disabled or because of an accident not covered by Workers' Compensation.

  • Initial Business Plan means the business plan to be provided by the Franchisee to the Secretary of State as described in paragraph 2.1 of Schedule 13 (Information and Industry Initiatives);

  • Employee Liabilities means all claims, actions, proceedings, orders, demands, complaints, investigations (save for any claims for personal injury which are covered by insurance) and any award, compensation, damages, tribunal awards, fine, loss, order, penalty, disbursement, payment made by way of settlement and costs, expenses and legal costs reasonably incurred in connection with a claim or investigation including in relation to the following: redundancy payments including contractual or enhanced redundancy costs, termination costs and notice payments; unfair, wrongful or constructive dismissal compensation; compensation for discrimination on grounds of sex, race, disability, age, religion or belief, gender reassignment, marriage or civil partnership, pregnancy and maternity or sexual orientation or claims for equal pay; compensation for less favourable treatment of part-time workers or fixed term employees; outstanding debts and unlawful deduction of wages including any PAYE and National Insurance Contributions in relation to payments made by the Customer or the Replacement Supplier to a Transferring Supplier Employee which would have been payable by the Supplier or the Sub-Contractor if such payment should have been made prior to the Service Transfer Date; claims whether in tort, contract or statute or otherwise; any investigation by the Equality and Human Rights Commission or other enforcement, regulatory or supervisory body and of implementing any requirements which may arise from such investigation;

  • Returning Employees means those persons listed in a schedule to be agreed by the Parties prior to the end of the Contract Period who it is agreed were employed by the Contractor (and/or any Sub-Contractor) wholly or mainly in the supply of the Services immediately before the end of the Contract Period.

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

  • Vacation Year means the twelve (12) month period commencing on the first (1st) day of April in each calendar year and concluding on the thirty-first (31st) day of March of the following calendar year.

  • contributory employment and support allowance means an allowance under Part 1 of the Welfare Reform Act 2007 as amended by the provisions of Schedule 3, and Part 1 of Schedule 14, to the Welfare Reform Act 2012 that remove references to an income-related allowance and a contributory allowance under Part 1 of the Welfare Reform Act 2007 as that Part has effect apart from those provisions;

  • Working Week means an average of 48 hours each week calculated over a 17-week reference period.

  • Compensatory time off means authorized time off earned by or awarded to an employee to compensate in whole or in part for time worked in excess of the minimum work time required of that employee as a condition of his or her employment.