PTO Credit definition

PTO Credit has the meaning set forth in Section 6.01(c).
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Examples of PTO Credit in a sentence

  • Purchaser shall indemnify and hold Seller harmless from and against any and all liability, loss, cost, damage or expense for claims by such employees for vacation pay and sick leave to the extent of the PTO Credit.

  • The PTO Credit hours are shown on Section 6.01(c) of the Disclosure Schedules.

  • Accordingly, in no event will Buyer be obligated to make a payment to a Transferred Employee for the dollar equivalent of unused PTO hours, whether originating from the PTO Credit or from the Transferred Employee’s employment with the Buyer, in the event that such Transferred Employee voluntarily terminates his or her employment after the Closing Date.

  • The Closing cash payment to be made by the Buyer to the Seller for all of the Purchased Assets shall be that amount equal to (i) the Base Purchase Price, plus or minus (ii) the Inventory Surplus or Inventory Shortfall, as applicable and as provided in Section 2.6(a) and minus (iii) the PTO Credit as provided in Section 5.5 (the “Closing Payment”).

  • Purchaser shall indemnify and hold Seller harmless from and against any and all liability, loss, cost, damage or expense for claims by such employees for vacation pay to the extent of the PTO Credit.