Common use of No Assumption of Employee Obligations Clause in Contracts

No Assumption of Employee Obligations. Buyer will not be obligated to assume or pay and Seller hereby agrees to assume or pay any employee benefit (statutory or otherwise) or compensation plan or arrangement or portion thereof, bonus obligations except as otherwise agreed by the parties hereto, severance obligations or any other obligations that may become payable as a result of the consummation of the transactions contemplated by this Agreement applicable to any employees or agents of the Business or as a result of service with Seller until the Closing Date.

No Assumption of Employee Obligations. Buyer will not be obligated to assume or pay and Seller Sellers hereby agrees agree to assume or pay any employee benefit (statutory or otherwise) or compensation plan or arrangement or portion thereof, bonus obligations except as otherwise agreed by the parties heretoobligations, severance obligations or any other obligations that may become payable as a result of the consummation of the transactions contemplated by this the Agreement applicable to any employees or agents of the Business or as a result of service with Seller Sellers until the Closing Date.