Transferred Leave definition
Examples of Transferred Leave in a sentence
Notwithstanding the foregoing, in any jurisdiction where payment of the value of accrued but unused paid leave to Fortrea Employees or Labcorp Employees is required by applicable Law as of the Distribution Date, Labcorp will pay, or cause to be paid, all Transferred Leave to all Labcorp Employees and Fortrea will pay, or cause to be paid, all Transferred Leave to all Fortrea Employees, in each case, as soon as reasonably practicable after the Distribution Date.
Fuels and Fuels’ Subsidiaries will credit each Continuing Employee the amount of accrued and unpaid hours of vacation, personal hours or days earned and sick leave (together, the “Transferred Leave”) applicable to such Continuing Employee as of the Distribution and Tech will provide to Fuels as of the Distribution Date a schedule indicating for each Continuing Employee the type and number of days of Transferred Leave.
Notwithstanding the foregoing, in any jurisdiction where payment of the value of accrued but unused paid leave to LW Employees is required by applicable Law as of the Distribution Date (a) ConAgra will pay, or cause to be paid, all Transferred Leave as soon as reasonably practicable after the Distribution Date and (b) ▇▇▇▇ ▇▇▇▇▇▇ will promptly, but in no event more than 30 days after being notified by ConAgra, reimburse ConAgra in respect of such payment.
Fuels and Fuels’ Subsidiaries will ensure that such Transferred Leave is not subject to forfeiture to the same extent not subject to forfeiture under the policies of Tech and its Affiliates governing such Transferred Leave prior to the Distribution and that such Transferred Leave does not count toward any maximum accrual amount under any plan, program or policy maintained by Fuels or one of Fuels’ Subsidiaries for the purpose of providing vacation, personal days or hours or sick leave.
Following Closing, the Transferred Employees shall be subject to, and commence to accrue benefits under, the vacation, sick leave and other personal time off policies of Purchaser applicable to the respective Transferred Employee, consistent with Section 6.1, subject to the protections regarding Transferred Leave described in the immediately preceding sentence.
Subject to applicable Law, Acquiror will have the option either to pay cash to a Continuing Employee following the Closing in cancellation of all or a portion of the Transferred Leave that is in excess of the applicable maximum accrual under the Galleria Leave Plan or to permit such Continuing Employee to use such excess Transferred Leave.
Lova and Lova’s Subsidiaries will ensure that such Transferred Leave is not subject to forfeiture to the same extent not subject to forfeiture under the policies of Logiq and its Affiliates governing such Transferred Leave prior to the Distribution and that such Transferred Leave does not count toward any maximum accrual amount under any plan, program or policy maintained by Lova or one of Lova’s Subsidiaries for the purpose of providing vacation, personal days or hours or sick leave.
Buyer shall ensure that such Transferred Leave is not subject to forfeiture and that such Transferred Leave does not count toward any maximum accrual amount under any plan, program or policy maintained by Buyer for the purpose of providing vacation, earned time off or sick leave.
Acquiror and Acquiror’s Affiliates will credit each Continuing Employee the amount of accrued and unpaid hours of vacation, personal hours or days earned and sick leave (together, the “Transferred Leave”) applicable to such Continuing Employee as of the Closing and on the Closing Date Seller will provide to Acquiror as of the Closing Date a schedule indicating for each Continuing Employee the type and number of days of Transferred Leave.
If applicable Law does not allow for Transferred Leave with respect to any Continuing Employee, Acquiror and SplitCo will cause the Galleria Group to allow such Continuing Employee to use any leave time following the Closing that was scheduled with Parent or its Subsidiaries prior to the Closing (on an unpaid basis in the event that such Continuing Employee has not accrued enough paid leave time at the time of such post-Closing absence).