Accrued Vacation and Paid Time Off. Any accrual of, or right to take, any accrued but unused personal, sick or vacation time to which any employee of the Company or the Company Subsidiary immediately prior to the Effective Time who becomes and remains an employee of the Parent or the Surviving Corporation following the Effective Time (a “Continuing Employee”) is entitled pursuant to the personal, sick or vacation policies applicable to such Continuing Employee immediately prior to the Effective Time shall be taken into account by Parent in determining credit for such accrued but unused time to the same extent as would apply under a comparable plan of the Company; and provided, however, that the Company shall, to the extent required by law, pay in cash an amount equal to such accrued personal, sick and vacation time to any Continuing Employees whose employment terminates for any reason subsequent to the Effective Time. At or prior to the Closing Date, the Company will deliver to Parent a schedule of accrued amounts to be taken into account or paid out pursuant to this Section 5.6(b) as of the Closing Date.
Accrued Vacation and Paid Time Off. Effective as of the Closing Date, Purchaser shall, or shall cause one of its Affiliates to, assume (or, for the Transferred Entity, honor), all obligations of Seller and its Affiliates for the accrued, unused vacation and paid time off for Transferred Business Employees. Notwithstanding the foregoing, in the event that, pursuant to applicable Law, Seller or its Affiliates must pay out accrued and unused vacation and/or paid time off to any Transferred Business Employees, Purchaser or its Affiliates shall, as promptly as practicable but in no event later than five (5) Business Days following receipt of written notice from Seller, reimburse Seller or its Affiliates for such amounts paid.
Accrued Vacation and Paid Time Off. Sellers shall be solely responsible for cashing out each Hired Employee of any accrued and unused vacation or paid time off benefit applicable to such employee through the date such employee ceases to be employed by Sellers, in each case to the extent payable in accordance with the applicable policies of Sellers or as otherwise required by applicable Law.
Accrued Vacation and Paid Time Off. Seller or the applicable Seller Affiliate will pay each Transferred Employee any vacation pay and any other paid time off pay that has been accrued or earned but not yet taken through the Transfer Time as required under the applicable Seller Benefit Plan policies and Applicable Law with such payment occurring in a timely fashion and not later than the date such payment is required by Applicable Law.
