Common use of Accrued Personal, Sick or Vacation Time Clause in Contracts

Accrued Personal, Sick or Vacation Time. With respect to any accrued but unused personal, sick or vacation time to which any New Buyer Employee is entitled pursuant to the personal, sick or vacation policies applicable to such New Buyer Employee immediately prior to the Closing Date (the "PSV Policies"), the Buyer shall assume but only to the extent accrued in the determination of the Kellwood Closing Net Worth Amount the liability for such accrued personal, sick or vacation time and allow such New Buyer Employee to use such accrued personal, sick or vacation time; provided, however, that if the Buyer deems it necessary to disallow any such New Buyer Employee from taking such accrued personal, sick or vacation time, the Buyer shall be liable for and pay in cash to each such New Buyer Employee an amount equal to such personal, sick or vacation time in accordance with the terms of the PSV Policies; and provided, further, that the Buyer shall be liable for and pay in cash an amount equal to such accrued personal, sick or vacation time to any New Buyer Employee whose employment terminates for any reason subsequent to the Closing Date.

Accrued Personal, Sick or Vacation Time. With respect to any accrued but unused personal, sick or vacation time to which any New Buyer Employee is entitled pursuant to the personal, sick or vacation policies applicable to such New Buyer Employee immediately prior to the Closing Date (the "“PSV Policies"”), except to the extent payment is required at or before Closing by applicable Law, Buyer shall assume but only to the extent accrued in the determination of the Kellwood Closing Net Worth Amount the liability for such accrued personal, sick or vacation time and allow such New Buyer Employee to use such accrued personal, sick or vacation timetime (with all such amounts treated as a current liability in the calculation of Working Capital); provided, however, that if the Buyer deems it necessary to disallow any such New Buyer Employee from taking such accrued personal, sick or vacation time, the Buyer shall be liable for and and, to the extent permitted by applicable Law, pay in cash to each such New Buyer Employee an amount equal to such personal, sick or vacation time in accordance with the terms of the PSV Policies; and provided, further, that the Buyer shall be liable for and pay in cash an amount equal to such accrued personal, sick or vacation time to any New Buyer Employee whose employment terminates for any reason on or subsequent to the Closing Date.

Accrued Personal, Sick or Vacation Time. With respect to any accrued but unused personal, sick or vacation time to which any New Buyer Employee is entitled pursuant to the personal, sick or vacation policies applicable to such New Buyer Employee immediately prior to the Closing applicable Local Transfer Date (the "“PSV Policies"”), except to the extent payment is required at or before the applicable Local Transfer Date by applicable Law, Buyer shall assume but only to the extent accrued in the determination of the Kellwood Closing Net Worth Amount the liability for such accrued personal, sick or vacation time and allow such New Buyer Employee to use such accrued personal, sick or vacation timetime (with all such amounts treated as a current liability in the calculation of Working Capital); provided, however, that if the Buyer deems it necessary to disallow any such New Buyer Employee from taking such accrued personal, sick or vacation time, the Buyer shall be liable for and and, to the extent permitted by applicable Law, pay in cash to each such New Buyer Employee an amount equal to such personal, sick or vacation time in accordance with the terms of the PSV Policies; and provided, further, that the Buyer shall be liable for and pay in cash an amount equal to such accrued personal, sick or vacation time to any New Buyer Employee whose employment terminates for any reason on or subsequent to the Closing Date.

Accrued Personal, Sick or Vacation Time. With respect to any accrued but unused personal, sick or vacation time to which any New Buyer Employee is entitled pursuant to the personal, sick or vacation policies applicable to such New Buyer Employee immediately prior to the Closing Date (the "“PSV Policies"”), the Buyer shall assume but only to the extent accrued in the determination of the Kellwood Closing Net Worth Amount the liability for such accrued personal, sick or vacation time and allow such New Buyer Employee to use such accrued personal, sick or vacation time; provided, however, that if the Buyer deems it necessary to disallow any such New Buyer Employee from taking any portion of such accrued personal, sick or vacation time, the Buyer shall be liable for and pay in cash to each such New Buyer Employee an amount equal to such personal, sick or vacation time as each New Business Employee has accrued and not used in accordance with the terms of the PSV PoliciesPolicies and applicable Law as of the Closing Date; and provided, further, that the Buyer shall be liable for and pay in cash an amount equal to such accrued personal, sick or vacation time to any New Buyer Employee whose employment terminates for any reason subsequent to the Closing Date.