Failed Bank Employees. Unless otherwise agreed by the Receiver and the Assuming Institution, the Assuming Institution shall be responsible for all salaries and payroll costs, including benefits, for all Failed Bank employees from the time of the closing of the Failed Bank until the Assuming Institution makes a final determination as to whether such employee is to be retained by the Assuming Institution. The Assuming Institution shall offer to the Failed Bank employees it retains employment benefits comparable to those the Assuming Institution, offers its current employees. In the event the Receiver utilizes the services of any Failed Bank employee, the Receiver shall reimburse the Assuming Institution for such cost through the settlement process described in Article VIII.
Failed Bank Employees. (a) The Bridge Bank is responsible for all salaries and payroll costs for all Failed Bank employees from the Bank Closing Date until the Bridge Bank makes a final determination as to whether it will retain or terminate that employee.
Failed Bank Employees. Unless otherwise agreed by the Receiver and the Assuming Institution, the Assuming Institution shall be responsible for all salaries and payroll costs, including benefits, for all Failed Bank employees from the time of the closing of the Failed Basic P&A Agreement – 2/26/15 31 Doral Bank Version 6.4P – PURCHASE AND ASSUMPTION AGREEMENT San Jxxx, PR Bank until the Assuming Institution makes a final determination as to whether such employee is to be retained by the Assuming Institution. The Assuming Institution shall offer to the Failed Bank employees it retains employment benefits comparable to those the Assuming Institution, offers its current employees. In the event the Receiver utilizes the services of any Failed Bank employee, the Receiver shall reimburse the Assuming Institution for such cost through the settlement process described in Article VIII.
Failed Bank Employees. Unless otherwise agreed by the Receiver and the Assuming Institution, the Assuming Institution is responsible for all salaries and payroll costs, including benefits, for all Failed Bank employees from the Bank Closing Date until the Assuming Institution notifies the Receiver in writing that it has made a final determination that the Assuming Institution will not retain such employees. Except for the specific employees that the Assuming Institution has notified the Receiver in writing that it does not intend to hire, the Assuming Institution must hire Failed Bank employees directly or through a third party employment provider, with the effective date of such employment as of the Bank Closing Date. The Assuming Institution must make reasonable efforts to complete any employee onboarding process directly or with the third party employment provider as promptly as possible, but no later than 60 days from the Bank Closing Date. The Assuming Institution will offer to the Failed Bank employees it retains employment benefits comparable to those that the Assuming Institution offers its current employees. If the Receiver uses the services of any Failed Bank employee, the Receiver will reimburse the Assuming Institution for that cost through the settlement process described in Article VIII. At no time will Failed Bank employees be considered, or referenced to as, employees of the Receiver or the Corporation.
Failed Bank Employees. Unless otherwise agreed by the Receiver and the Assuming Institution, the Assuming Institution is responsible for all salaries and payroll costs, including benefits (but excluding severance benefits payable to any Failed Bank employee who is not hired by the Assuming Institution), for all Failed Bank employees from the Bank Closing Date until the Assuming Institution makes a final determination as to whether the Assuming Institution will hire that employee. The Assuming Institution will offer to the Failed Bank employees it hires employment benefits comparable to those that the Assuming Institution offers its current employees. If the Receiver uses the services of any Failed Bank employee, the Receiver will reimburse the Assuming Institution for that cost through the settlement process described in Article
