IMSS and INFONAVIT Assumption of Social Security Liabilities Sample Clauses

IMSS and INFONAVIT Assumption of Social Security Liabilities. As a result of the employer substitution, on or after the Closing, Mexico Buyer shall assume all of Carplastic's inherent obligations before the Mexican Social Security Institute ("IMSS") and Mexican Housing Fund ("Infonavit") (but shall not have the obligation to assume Carplastic's employer registration numbers) in respect of any Mexican Transferred Employees. Notwithstanding anything herein to the contrary, Carplastic shall be exclusively responsible for (a) a term of one year following the Closing Date for such obligations and/or liabilities with IMSS that arose prior to the Closing and (b) the statutory two (2) year period following the Closing Date for such obligations and/or liabilities with Infonavit that arose prior to the Closing. If any such liabilities (i) due to such Mexico Transferred Employee for services rendered prior to the date of this Agreement, and/or (ii) due to the IMSS prior to the date of this Agreement, are not paid by Carplastic, Carplastic agrees that, during the one (1) year and two (2) year periods following the Closing Date, as applicable, Carplastic will either (x) pay the applicable and due amounts of any such liabilities directly to IMSS and/or Infonavit; or (y) deliver to Mexico Buyer all amounts necessary to make such payments so that Mexico Buyer may (and Mexico Buyer shall) pay the same on the next succeeding payment date. Carplastic shall also be responsible under the same terms and conditions for a term of one (1) year following the Closing Date for such obligations and/or liabilities that arose prior to the Closing in regards to incomplete or omitted tax and retirement fund withholdings in respect of Mexican Transferred Employees.
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