Examples of Cabinets Parties in a sentence
Subject to the provisions of this Section 8.1 and such terms as Cabinets may reasonably agree prior to the Distribution Date with any current Fortune Brands insurance carrier for coverage beginning as of the Effective Time, coverage of the Cabinets Parties under all Policies shall cease as of the Effective Time.
It is understood that any Claims Made Policies may not provide any coverage to the Cabinets Parties for incidents occurring prior to the Effective Time but that are asserted with the insurance carrier after the Effective Time or any extended reporting period or extended discovery period, as applicable, in accordance with the terms of the applicable Policies.
The Cabinets Parties shall use commercially reasonable efforts to ensure compliance with all of the applicable terms of such policies so as to minimize the risk of loss of coverage thereunder.
The Cabinets Parties hereby waive compliance with the requirements and provisions of any “bulk-sale” or “bulk-transfer” laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the Purchased Cabinets Assets to any Cabinets Party.
From and after the Effective Time, the Cabinets Parties will be responsible for obtaining and maintaining all insurance coverages in their own right.
All authority (other than express written authority) of any employee of any Fortune Brands Party to act on behalf of any Cabinets Party, or of any employee of any Cabinets Party to act on behalf of any Fortune Brands Party, shall automatically be revoked and withdrawn as of immediately prior to the Effective Time with no further act on the part of any of the Fortune Brands Parties or Cabinets Parties.
Except as contemplated by Section 3.1(e), effective immediately prior to the Effective Time, all intercompany cash management loan balances between the Fortune Brands Parties, on one hand, and the Cabinets Parties, on the other hand, shall be settled as described on Schedule 3.4.
No Business Employee or other current or former employee of the Fortune Brands Parties or Cabinets Parties (or his/her spouse, dependent or beneficiary), or any other person not a party to this Agreement, shall be entitled to assert any claim hereunder.
Effective as of the Distribution Date, the Cabinets Parties shall recognize and assume all liability for all vacation, holiday, sick leave, flex days and personal days off, including banked vacation or sick leave, accrued by Cabinets Employees as of the Distribution Date, and the Cabinets Parties shall credit each Cabinets Employee with such days off accrual.
Each of the Fortune Brands Parties and the Cabinets Parties shall be responsible separately for the stop-loss coverage of claims arising under their respective group health plans on and after the Plan Effective Date.