Examples of Xxxxxxx Electronics Group in a sentence
It is understood that Claims-Made Policies may not provide coverage to the members of the Xxxxxxx Electronics Group or the Xxxxxxx International Group, as applicable, for incidents occurring prior to the Effective Time but asserted with the insurance carrier after the Effective Time.
Each member of the Xxxxxxx Electronics Group, as appropriate, shall be responsible for all administrative and financial matters relating to the Policies established and maintained by the members of the Xxxxxxx Electronics Group for claims relating to any period at or after the Effective Time involving any member of the Xxxxxxx Electronics Group.
Immediately prior to the Distribution, Xxxxxxx International will contribute to Xxxxxxx Electronics an amount of cash and cash equivalents so that, as of the Distribution, the members of the Xxxxxxx Electronics Group will have, in the aggregate, an amount of cash and cash equivalents equal to at least sixty-three million ($63 million).
Nothing in the Exhibits or Schedules constitutes an admission of any liability or obligation of any member of the Xxxxxxx International Group or the Xxxxxxx Electronics Group or any of their respective Affiliates to any third party, nor, with respect to any third party, an admission against the interests of any member of the Xxxxxxx International Group or the Xxxxxxx Electronics Group or any of their respective Affiliates.
The 20-year commitment has an additional disadvantage from a technical point of view.
No member of either the Xxxxxxx International Group or the Xxxxxxx Electronics Group, as applicable, will bear any Liability for the failure of an insurer to pay any claim under any Shared Policy.
All cash and cash equivalents held by a member of the Xxxxxxx Electronics Group as of the Effective Time will be a Xxxxxxx Electronics Asset and all cash and cash equivalents held by any member of the Xxxxxxx International Group as of the Effective Time will be a Xxxxxxx International Asset.
Following such determination, the Xxxxxxx Electronics Group shall pay each Xxxxxxx Electronics Group Employee the applicable bonus amounts in the same form and on the same timing that each Xxxxxxx Electronics Group Employee would have received such bonus or similar short-term cash incentive amount under the terms of the Xxxxxxx International Bonus Plans had the Distribution not occurred.
To the extent that assignment of such agreements is not permitted, effective as of the Effective Time, each member of the Xxxxxxx Electronics Group shall be considered to be a successor to each member of the Xxxxxxx International Group for purposes of, and a third-party beneficiary with respect to, all such agreements.
Except to the extent otherwise administratively practicable, the collection of payroll taxes under FICA and FUTA will restart upon or following the Effective Time with respect to each Xxxxxxx Electronics Group Employee for the tax year during which the Effective Time occurs.