COBRA Liability definition
COBRA Liability means all Liabilities arising under COBRA (i) in respect of any Business Employee (or any beneficiary or dependent thereof) who does not become a Transitioned Employee, and (ii) arising on or prior to the Closing Date, with respect to any Transitioned Employee (or any beneficiary or dependent thereof).
COBRA Liability means any Liability arising under COBRA in respect of any current or former employee, director, officer or consultant providing services to or for the benefit of Seller or is Affiliates (or any beneficiary or dependent of the foregoing), in any case, who does not become a Transferred Employee.
COBRA Liability means all Liabilities arising on or prior to the Closing Date under Section 4980B of the Code or Section 601 et seq. of ERISA with respect to any current or former employees of any Seller and/or any beneficiaries or dependents thereof.
Examples of COBRA Liability in a sentence
Sellers will have no COBRA Liability to such current and former employees after the Closing Date, except with respect to any violations of Law that occurred prior to the Closing Date.
The exclusive remedy for COBRA Liability is as set forth in Section 7.03(c).
For avoidance of doubt, the Buyer will not have any COBRA Liability or obligations to provide or administer COBRA to any Company Employee and their dependents for qualifying events that occur before the Closing Date.
No Seller will have any COBRA Liability or obligations to such Company Employees or their dependents after the Closing Date.