401(k) Compliance Sample Clauses


401(k) Compliance. On any termination or expiration of this Agreement, whether by transfer of the Hotel, expiration of the Term, or early termination through exercise of other rights of the parties hereto, if the successor employer will, or intends to, offer a 401(k) plan for the Hotel Personnel, and if the Hotel Personnel participate in a 401(k) plan at such time, Owner or its successor (or the successor of Operator) shall offer a 401(k) plan to such of the participating employees who will continue to work at the Hotel thereafter, and the new Owner or successor Operator shall accept a trust-to-trust transfer of the participants’ 401(k) assets in a manner that complies with applicable, federal requirements and Operator will make such transfer and will indemnify Owner against, and will contribute, any theretofore unfunded matching fundscontributions required under Operator’s plan for the Hotel Personnel and any penalties stemming from any such underfunding or other violations by Operator under the 401(k) plan of the Hotel prior to the transfer.