Common use of Employee Wages and Other Compensation Clause in Contracts

Employee Wages and Other Compensation. On or before the Closing Date, Seller shall pay or cause to be paid (i) all unpaid wages or salaries (including any earned but unused vacation days accrued, irrespective of whether such vacation days are actually vested) of the personnel employed to operate the Hotel (“Employees”); (ii) any employment taxes or government levies on item (i) above; and (iii) any retirement plan payments, medical insurance payments or other similar deductions. Hereinafter, (i) through (iii) above shall be referred to as the “Seller’s Employee Payment”. Seller shall be responsible for Seller’s Employee Payment accruing (i) through the Closing Date for housekeeping and laundry service Employees, (ii) through the posted check-out time for front desk employees, (iii) through 7:00 am on the Closing Date for the night auditor and security force, and (iv) through 11:59 pm on the Apportionment Date for all other Employees. From these timeframes forward, Purchaser shall be responsible for these expenses. If all or any portion of the housekeeping or laundry service is subcontracted, Seller shall be responsible for such costs through the Closing Date.

Employee Wages and Other Compensation. On or before the Closing Date, Seller shall pay or cause to be paid (i) all unpaid wages or salaries (including any earned but unused vacation days accrued, irrespective of whether such vacation days are actually vested) of the personnel employed to operate the Hotel (“Employees”); (ii) any employment taxes or government levies on item (i) above; and (iii) any retirement plan payments, medical insurance payments or other similar deductions. Hereinafter, (i) through (iii) above shall be referred to as the “Seller’s Employee Payment”. .” Seller shall be responsible for Seller’s Employee Payment accruing (i) through the Closing Date for housekeeping and laundry service Employeesemployees, (ii) through the posted check-out time for front desk employees, (iii) through 7:00 am on the Closing Date for the night auditor and security force, and (iv) through 11:59 pm on the Apportionment Date for all other Employees. From these timeframes forward, Purchaser shall be responsible for these expenses. If all or any portion of the housekeeping or laundry service is subcontracted, Seller shall be responsible for such costs through the Closing Date.

Employee Wages and Other Compensation. On or before Purchaser shall be entitled to a credit against the Closing Date, Seller shall pay or cause Consideration in an amount equal to be paid (i) all unpaid wages or salaries (for Employees accrued through the Apportionment Date, including any earned (but unused unused) vacation days accruedaccrued through the Apportionment Date (whether or not vested), irrespective of whether such vacation days are actually vested) of the personnel employed to operate the Hotel (“Employees”); (ii) any employment taxes or government levies on item (i) above; due thereon and (iii) any retirement plan paymentsplan, medical insurance payments or other similar deductions. Hereinafterdeductions therefrom through the Apportionment Date (collectively, (i) through (iii) above shall be referred to as the “Seller’s Sellers’ Employee Payment”). Seller Notwithstanding anything herein to the contrary, Sellers shall be responsible for Seller’s for, and Purchaser shall be entitled to a credit for, Sellers’ Employee Payment accruing (i) through the Closing Date for housekeeping and laundry service Employeesemployees, (ii) through the posted check-out time for front desk employees, (iii) through 7:00 am AM eastern time on the Closing Date for the night auditor and security forceauditor, and (iv) through 11:59 pm PM eastern time on the Apportionment Date for all other Employeesservice and kitchen staff employees. From these timeframes forwardAfter the Closing, Purchaser shall be responsible to pay all costs for these expenseswhich it received such credit, but only to the extent of such credit. If all or Further, Purchaser shall remit to Sellers’ Representative any portion of such credit attributable to any earned but unvested vacation or sick days to the housekeeping extent such vacation or laundry service is subcontracted, Seller shall sick days fail to ever vest or be responsible for such costs through the Closing Dateused.