Interim Transfer definition
Examples of Interim Transfer in a sentence
All distributions on or before the end of the applicable Interim Transfer Period in which such requirements have been substantially complied with shall be made to transferor and all distributions thereafter shall be made to the transferee.
Parent shall administer the Parent Plans with respect to Business Employees in the ordinary course of business between the date of the Separation Agreement and the Interim Transfer Date or the Effective Time, as applicable.
As of the Interim Transfer Date, each person who was a Transferred Employee or SpinCo Dependent on such date ceased to be covered under the Parent Welfare Plans.
Any Business Employee who becomes a Leave Employee on or after the Interim Transfer Date shall be treated as a Transferred Employee for all purposes of this Agreement.
As soon as practicable after the Effective Time, Parent shall calculate and certify to SpinCo the Liabilities, individually and in the aggregate, in respect of the Transferred Employees who were participants in the Parent Non-Qualified Savings Plan at the Interim Transfer Date, based on the value of the notional account balances in respect of each such Transferred Employees as of the Interim Transfer Date (the “Parent Non-Qualified Savings Plan Liabilities”).
The foregoing sentence shall not apply to any Leave Employee who is employed by a member of the SpinCo Group as of immediately prior to the Interim Transfer Date or whose employment automatically transfers to a member of the SpinCo Group by operation of Law, in which case the appropriate member of the SpinCo Group shall be responsible for providing such Leave Employee disability benefits and any other rights conveyed to such Transferred Employee at applicable law.
On or before, and effective as of no later than, the Interim Transfer Date, SpinCo shall have adopted the SpinCo Mirror Plans and the SpinCo Welfare Plans, and shall have designated the other SpinCo Plans, that shall provide benefits to the Transferred Employees in the United States.
Subject to clause (b) below, effective as of the Interim Transfer Date, all Liabilities under the Parent Qualified Pension Plan relating to Transferred Employees shall cease to be Liabilities of the Parent Qualified Pension Plan and shall be assumed in full and in all respects by the SpinCo Qualified Pension Plan.
As of no later than the Interim Transfer Date, each SpinCo Mirror Plan shall provide benefits that are substantially identical in all material respects to the corresponding Parent Plan as in effect immediately prior to the Interim Transfer Date.
SpinCo Group shall honor any reinstatement rights that exist for Leave Employees under applicable Law, the Applicable CBA or otherwise under the policies and practices of the Parent Group (including Business Employees who become Leave Employees on or after the Interim Transfer Date).