Accrued Vacation, Sick Leave and Paid Time Off. Effective as of the Closing Date, Purchaser shall recognize all Liabilities with respect to accrued but unused vacation time for all Property Employees (including any Liabilities to Property Employees for payments in respect of earned but unused vacation time that arise as a result of the transfer of employment contemplated by Section 9.02(a)). Purchaser shall promptly (and, in any event, within ten (10) Business Days following the later of the Closing Date and the date of the applicable payment) reimburse Seller for any payments made by Seller or its Affiliates to any Property Employee in respect of earned but unused vacation time that become due as a result of the transfer of employment contemplated by Section 9.02(a). Purchaser shall allow Continuing Employees to use the vacation, sick leave and personal time assumed and recognized pursuant to this Section 9.02(e) in accordance with the terms of Purchaser’s and its applicable Affiliates’ programs in effect from time to time (in addition to, and not in lieu of, any vacation accrued under the applicable vacation plans or policies of Purchaser or its Affiliates on or following the Closing).
Accrued Vacation, Sick Leave and Paid Time Off. Purchaser shall recognize and assume all Liabilities with respect to such Business Employee’s accrued but unused vacation, sick leave and other paid time off. In addition, Purchaser shall allow Business Employees to take any vacation, sick leave and other paid time off that was scheduled prior to the Closing.
Accrued Vacation, Sick Leave and Paid Time Off. Purchaser shall recognize and assume all Liability with respect to accrued but unused vacation, sick leave and paid time off corresponding to the year in which Closing Date takes place and for all Business Employees. Purchaser shall promptly (and, in any event, within ten (10) Business Days following the later of the Closing Date and the date of the applicable payment) reimburse Seller for any payments made by Seller or its Affiliates to any Business Employees in respect of earned but unused vacation, paid time off and sick leave corresponding to the year in which the Closing Date takes place that become due as a result of the transfer of employment contemplated by Section 6.1. Purchaser shall allow Business Employees to use the vacation, paid time off and sick leave recognized or established in accordance with the first sentence of this Section 6.6 in accordance with the terms of Seller’s and its applicable Affiliates’ programs in effect immediately prior to the Closing Date (in addition to, and not in lieu of, any vacation, sick leave and paid time off accrued under the applicable plans or policies of Purchaser or its Affiliates on or following the Closing).
Accrued Vacation, Sick Leave and Paid Time Off. The Purchased Entity shall recognize and assume all Liability with respect to accrued but unused vacation, sick leave and paid time off for all Transferred Business Employees to the extent such accrued but unused vacation, sick leave and paid time off is not required to be paid out to any Business Employee pursuant to applicable Law, including any such payments that arise as a result of the termination or transfer of employment contemplated by Section 6.1. The Purchased Entity, on the one hand, and the Seller, on the other hand, shall each bear 50% of any Liability for payments in respect of earned but unused vacation, sick leave and paid time off that becomes due and payable under applicable Law as a result of the transfer of employment contemplated by Section 6.1. Seller or Purchased Entity, as applicable, shall promptly (and, in any event, within ten (10) Business Days following the later of the Closing Date and the date of the applicable payment) reimburse the Purchased Entity or Seller, as applicable, for 50% of any payments made by the Purchased Entity or its Subsidiaries (or Seller or its Subsidiaries, as applicable) to any Transferred Employees in respect of earned but unused vacation, sick leave and paid time off that becomes due and payable under applicable Law as a result of the transfer of employment contemplated by Section 6.1. The Purchased Entity shall allow Transferred Employees to use the vacation, sick leave and paid time off recognized or established in accordance with the first sentence of this Section 6.2(f) in accordance with the terms of Seller’s and its applicable Affiliates’ programs in effect immediately prior to the Closing Date (in addition to, and not in lieu of, any vacation, sick leave and paid time off accrued under the applicable plans or policies of the Purchased Entity or its Affiliates on or following the Closing).
Accrued Vacation, Sick Leave and Paid Time Off. Purchaser will recognize and assume all Liability with respect to accrued but unused vacation, sick leave and paid time off for all Business Employees to the extent included as a current liability in Closing Working Capital as finally determined pursuant to Section 2.9(d). Purchaser shall promptly (and in any event, within ten (10) Business Days following the later of the determination of Closing Working Capital as finally determined pursuant to Section 2.9(d) and the date of the applicable payment) reimburse Seller for any payments made by Seller or its Affiliates (other than the Purchased Companies and their Subsidiaries) to any Transferred Employees in respect of earned but unused vacation, sick leave and paid time off that become due as a result of the transfer of employment, to the extent included as a current liability in Closing Working Capital as finally determined pursuant to Section 2.9(d). Purchaser shall allow Transferred Employees to use the vacation, sick leave and paid time off recognized or established in accordance with the first sentence of this Section 6.2(f) in accordance with the terms of Seller’s and its applicable Affiliates’ programs in effect immediately prior to the Closing Date.
Accrued Vacation, Sick Leave and Paid Time Off. Purchaser will recognize and assume all Liability with respect to accrued but unused vacation, sick leave and paid time off for all Continuing Employees (including any Liability to Continuing Employees for payments in respect of earned but unused vacation, sick leave and paid time off that arise as a result of the transfer of employment contemplated by Section 6.1), to the extent reflected in Closing Working Capital or the Adjustment Amount. Purchaser shall allow Continuing Employees to use the vacation, sick leave and paid time off recognized or established in accordance with the first sentence of this Section 6.2(f) in accordance with the terms of Seller’s and its applicable Affiliates’ programs in effect immediately prior to the Closing Date (in addition to, and not in lieu of, any vacation, sick leave and paid time off accrued under the applicable plans or policies of Purchaser or its Affiliates on or following the Closing).
Accrued Vacation, Sick Leave and Paid Time Off. Purchasers will recognize and assume all Liability with respect to accrued but unused vacation, sick leave and paid time off for all Transferred Employees (including any Liability to Transferred Employees for payments in respect of earned but unused vacation, sick leave and paid time off that arise as a result of the transfer of employment contemplated by Section 6.1). Purchasers shall promptly (and, in any event, within ten (10) Business Days following the later of the Closing Date and the date of the applicable payment) reimburse Seller for any payments made by Seller or its Affiliates to any Transferred Employees in respect of earned but unused vacation, sick leave and paid time off that become due as a result of the transfer of employment contemplated by Section 6.1. Purchasers shall allow Transferred Employees to use the vacation, sick leave and paid time off recognized or established in accordance with the first sentence of this Section 6.2(f) in accordance with the terms of Seller’s and its applicable Affiliates’ programs in effect immediately prior to the Closing Date (in addition to, and not in lieu of, any vacation, sick leave and paid time off accrued under the applicable plans or policies of Purchasers or their Affiliates on or following the Closing).
