Examples of Benefits Maintenance Period in a sentence
If an Eligible Retiree retires prior to a Qualified Transfer of Excess Pension Assets but is not eligible to receive Qualified Benefits during the taxable year immediately preceding the taxable year of the Qualified Transfer, Qualified Benefits provided under the Medical Benefits Plan during the Benefits Maintenance Period shall be substantially the same as the Qualified Benefits provided under the Medical Benefits Plan at the time the Eligible Retiree retires.
If Sedco Forex adopts a Schlumberger Plan pursuant to this paragraph, it shall maintain its status as a participating employer, including all rights and responsibilities associated with such status, through the Benefits Maintenance Period and shall end its participation upon the expiration of the Benefits Maintenance Period.
During the Benefits Maintenance Period, Pride shall provide written notice to Seahawk of any amendment or termination of any Pride Health and Welfare Plan, or any material feature thereof, including, but not limited to, any stop-loss insurance, in which Seahawk Employees participate on or after the Distribution Date, except to the extent such amendment or termination would not affect any benefits of Seahawk Employees under such Plans.
In addition, Seahawk shall provide, or cause to be provided, all participant information that is necessary or appropriate or as reasonably requested by Pride for the efficient and accurate administration of each Pride Plan or program that provides benefits to a Continuing Seahawk Participant during the Benefits Maintenance Period.
COBRA has the meaning given in Section 2.8. CONTRIBUTION PERIOD means the period following the Distribution Date that Sedco Forex participates in a Schlumberger Plan pursuant to Article II hereof, but in no event longer than the Benefits Maintenance Period.
Purchaser shall continue the Assumed Pension Plans without adverse effect to the Business Employees for the Benefits Maintenance Period and shall credit service of Business Employees with Sellers and Sold Subsidiaries for purposes of eligibility, vesting and retirement eligibility in all pension plans (within the meaning of Section 3(2) of ERISA) in which such Business Employees participate.
Continuing Seahawk Participants shall cease to be eligible to participate in Pride Health and Welfare Plans upon the expiration of the Benefits Maintenance Period, and, except with respect to claims incurred at or prior to the end of the Benefits Maintenance Period, Pride shall have no further obligations with respect to the health and welfare benefits of Seahawk Employees after the end of the Benefits Maintenance Period.
During the Benefits Maintenance Period, the Buyer shall maintain severance, reduction-in-force and pay-in-lieu-of-notice benefits for the Assumed Employees no less favorable than the severance, reduction-in-force and pay-in-lieu-of-notice benefits provided to such Assumed Employees by Sellers immediately prior to the Closing Date and disclosed on Schedule 5.10.
If a Buyer Entity adopts for the Transferred Employees any benefit plan maintained by a Seller Entity, Seller agrees that at the request of the Buyer it will, or will cause the applicable Seller Subsidiary to, administer the plan on behalf of the Buyer Entity and its employees during the Benefits Maintenance Period under such financial and other terms and conditions as are mutually agreeable to such Seller Entity and the applicable Buyer Entity.
Welfare Group Welfare Benefits Plan will be amended to provide that Continuing Seahawk Participants continue to participate in the plan during the Benefits Maintenance Period.