Common use of Employee Costs Clause in Contracts

Employee Costs. If requested by Buyer, Existing Operator shall fund the cost of benefits to those Community Employees to whom Buyer offers employment in accordance with this Agreement and who accept such offer of employment (“Hired Employees”) for the entire calendar month in which the Closing occurs (collectively, the “Hired Employee Closing-Month Insurance Benefits”). The aggregate cost of all Hired Employee Closing-Month Insurance Benefits shall be prorated between Buyer and Existing Operator based on the day of such month that the Closing occurs. Further, except for “Accrued Employee Benefits” (as hereinafter defined), there shall be no other adjustment for wages, vacation pay, pension and welfare benefits and other fringe benefits of all persons employed by Existing Operator at the Community; it being the intent of the parties that Buyer shall have no liability or obligation with respect to any employee of Existing Operator prior to Closing. Any Accrued Employee Benefits shall be paid to Buyer as a credit; provided, however, that to the extent that the transfer of any portion of such Accrued Employee Benefits from Existing Operator to Buyer or its property manager requires a consent by the applicable Hired Employee, and such consent is not obtained, Existing Operator shall pay to such Hired Employee the applicable Accrued Employee Benefits that are required by Law to be paid to such Hired Employee.

Employee Costs. If requested by Buyer, Existing Operator Seller shall fund the cost of benefits to those Community Employees to whom Buyer offers employment in accordance with this Agreement and who accept such offer of employment (“Hired Employees”) for the entire calendar month in which the Closing occurs (collectively, the “Hired Employee Closing-Month Insurance Benefits”). The aggregate cost of all Hired Employee Closing-Month Insurance Benefits shall be prorated between Buyer and Existing Operator Seller based on the day of such month that the Closing occurs. Further, except for “Accrued Employee Benefits” (as hereinafter defined), there shall be no other adjustment for wages, vacation pay, pension and welfare benefits and other fringe benefits of all persons employed by Existing Operator Seller at the Community; it being the intent of the parties that Buyer shall have no liability or obligation with respect to any employee of Existing Operator Seller prior to Closing. Any Accrued Employee Benefits shall be paid to Buyer as a credit; provided, however, that to the extent that the transfer of any portion of such Accrued Employee Benefits from Existing Operator Seller to Buyer or its property manager requires a consent by the applicable Hired Employee, and such consent is not obtained, Existing Operator Seller shall pay to such Hired Employee the applicable Accrued Employee Benefits that are required by Law to be paid to such Hired Employee.