Examples of UAW Retiree Settlement Agreement in a sentence
Prior to the Closing, Purchaser and the UAW shall have entered into the UAW Retiree Settlement Agreement.
Conditioned upon the consummation of the Sale Transaction and the assumption and assignment of the UAW [CollectiveBargaining Agreement], t he UAW and the Purchaser [i.e.,Chrysler] have entered into [the Settlement Agreement],w hich, among other things, provides for the financing by theP urchaser of modified retiree health care obligations for the Class and Covered Group (as defined in the UAW Retiree Settlement Agreement) through contributions by the Purchaser to the English Case VEBA.
Henderson, then President and Chief Executive Officer of Old GM, testified that, although it simply “hadn’t occurred to” him or others that the Henry II Agreement extinguished the $450 million payment obligation, he was certain that the 2009 UAW Retiree Settlement Agreement extinguished the obligation.
The UAW says that the absence of express language in the 2009 UAW Retiree Settlement Agreement leads to the conclusion that New GM is obligated to make the $450 million payment.The UAW has turned the agreements on their head.
The UAW Retiree Settlement Agreement bars the plaintiff’s pursuit of any claim for additional contributions to the VEBA, and in that agreement plaintiff agreed not to seek to make General Motors pay any amounts to the VEBA other than those expressly set forth in the UAW Retiree Settlement Agreement.
The bold language is referred to as the “2008 Fixed and Capped Language.” As will be explained, this language is distinguished from similar language in a later agreement, the 2009 UAW Retiree Settlement Agreement, discussed infra.Significantly, the 2008 UAW Retiree Settlement Agreement did not make any reference to the $450 million payment obligation provided for in the 2007 MOU.
On the Original Effective Date, as consideration for the agreement of the parties hereto to enter into the UAW Retiree Settlement Agreement, the Issuer has issued the Initial Note in the amount of $2,500,000,000 pursuant to the terms and conditions of the Existing Note Agreement.
New GM says the language of the 2009 UAW Retiree Settlement Agreement describes all of New GM’s obligations for retiree medical benefits for UAW retirees and its obligations do not include the $450 million payment obligation.
By expressly listing New GM’s “sole obligations to the New Plan and the New VEBA” and by excluding the $450M Payment from that list, the 2009 UAW Retiree Settlement Agreement reflects an intention that New GM have no obligation regarding the $450 million payment.
As consideration for the agreement of the parties thereto to enter into the UAW Retiree Settlement Agreement, the Issuer has issued the Initial Note in the amount of $2,500,000,000 pursuant to the terms and conditions of this Agreement.