Document ID: 13352

Text:
(g) COBRA. Buyer acknowledges that the Seller does not intend to continue its group health plan following the Closing. Accordingly, Buyer agrees that it shall be treated as a "successor employer" (as defined in Treas. Reg. 54.4980B-9, Q &amp;A-8(c)(1)) to the Seller with respect to the Seller's obligations to provide and/or offer continued health coverage in accordance with Sections 601 et seq. of ERISA and Section 4980B of the Code (hereinafter referred to as "COBRA Coverage") to "M&amp;A Qualified Beneficiaries" (as defined in Treas. Reg. 54.4980B-9, Q &amp;A-4(a) and (b)) who have timely elected COBRA Coverage or are eligible to elect COBRA Coverage as a result of a "qualifying event" (as defined under Section 603 of ERISA) occurring on or prior to the Closing.("Specified COBRA Coverage Liabilities").

Named Entities:
3
3
Act
42
48
Regulation
104
104
Act
147
147
Act
154
154
Act
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185
Act

Tokenized Text:
(
g
)
COBRA
.
Buyer
acknowledges
that
the
Seller
does
not
intend
to
continue
its
group
health
plan
following
the
Closing
.
Accordingly
,
Buyer
agrees
that
it
shall
be
treated
as
a
"
successor
employer
"
(
as
defined
in
Treas
.
Reg
.
54
.
4980B-9
,
Q
&
amp
;
A-8
(
c
)
(
1
)
)
to
the
Seller
with
respect
to
the
Seller
'
s
obligations
to
provide
and
/
or
offer
continued
health
coverage
in
accordance
with
Sections
601
et
seq
.
of
ERISA
and
Section
4980B
of
the
Code
(
hereinafter
referred
to
as
"
COBRA
Coverage
"
)
to
"
M
&
amp
;
A
Qualified
Beneficiaries
"
(
as
defined
in
Treas
.
Reg
.
54
.
4980B-9
,
Q
&
amp
;
A-4
(
a
)
and
(
b
)
)
who
have
timely
elected
COBRA
Coverage
or
are
eligible
to
elect
COBRA
Coverage
as
a
result
of
a
"
qualifying
event
"
(
as
defined
under
Section
603
of
ERISA
)
occurring
on
or
prior
to
the
Closing
.
(
"
Specified
COBRA
Coverage
Liabilities
"
)
.