Successor Transactions. 1. This Agreement shall be binding upon any successor, assign, assignee, transferee, administrator, executor and/or trustee (a “Successor”) of the Company resulting from any transaction that involves: a) Transfer (in a single transaction or in related multi-step transactions) to a Successor of ownership or Control of all or substantially all of the equity securities and/or assets of the Company (hereinafter “Complete Transaction”); or b) Transfer to a Successor (other than in a Complete Transaction) of ownership and/or Control of a portion of the assets of the Company in a Substantial Asset Sale (hereinafter “Partial Transaction”) 2. No contract or other legally binding commitment involving the transfer of ownership or control pursuant to a Complete Transaction or a Partial Transaction will be signed or other- wise entered into unless it is agreed as a material and irrevo- cable condition of entering into, concluding and implement- ing such transaction that the Successor shall assume the employment of all employees on the UPS Co. System Seniority List (or such portion of the employees transferred in a Partial Transaction) in accordance with the rates of pay, rules and working conditions set forth in this Agreement. 3. The Company shall give written notice of the existence of this Agreement to any proposed Successor before the Successor exe- cutes a definitive agreement with respect to a Complete Transaction or a Partial Transaction. If one has not been earlier provided, a copy of the notice shall be provided to the Union at least twenty-four (24) hours before the definitive agreement is executed provided the Company’s confidentiality concerns can be satisfied.
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Samples: Collective Bargaining Agreement
