Common use of Accrued Vacation and Sick Leave Clause in Contracts

Accrued Vacation and Sick Leave. Buyer shall (or shall cause its Affiliates to) recognize and assume the liability with respect to accrued but unused vacation time and sick leave for all Company Employees; provided that in any jurisdiction where payment of the value of accrued but unused vacation time to Company Employees is required by Applicable Law as of the Closing Date, Seller will pay, or cause to be paid, all accrued but unused vacation time to such Company Employees as soon as reasonably practicable after the Closing Date, and Buyer shall promptly, but in no event more than 15 days after being notified by Seller, reimburse Seller in respect of any such payment.

Accrued Vacation and Sick Leave. Buyer shall (or shall cause its Affiliates to) recognize and assume the liability Liability with respect to accrued but unused vacation time and sick leave for all Company Transferred Employees; provided that in any jurisdiction where payment of the value of accrued but unused vacation time to Company Transferred Employees is required by Applicable Law as of the Applicable Closing Date, Date (a) Seller will pay, or cause to be paid, all accrued but unused vacation time to such Company Transferred Employees as soon as reasonably practicable after the Closing Applicable Transfer Date, and (b) Buyer shall promptly, but in no event more than 15 30 days after being notified by Seller, reimburse Seller in respect of any such payment.