FUNDING OF ACCRUED EMPLOYEE BENEFITS. Except as set forth on Exhibit 7.2, Seller hereby covenants and agrees that it will take whatever steps are necessary to pay or fund completely or reserve completely for any accrued benefits, where applicable, or vested accrued benefits for which Seller or any entity might have any liability whatsoever arising from any salary, wage, benefit, bonus, vacation pay, sick leave, insurance, employment tax or similar liability of Seller to any employee or other person or entity (including, without limitation, any Seller Plan and any liability under employment contracts with Seller) allocable to services performed prior to the Closing Date. Seller acknowledges that the purpose and intent of this covenant is to assure that PSC shall have no liability whatsoever at any time in the future with respect to any of Seller's employees or similar persons or entities, including, without limitation, any Seller Plan, except as indicated on Exhibit 7.2.
Appears in 5 contracts
Samples: Asset Acquisition Agreement (Physicians Specialty Corp), Asset Acquisition Agreement (Physicians Specialty Corp), Asset Acquisition Agreement (Physicians Specialty Corp)
