Common use of Employee Compensation Clause in Contracts

Employee Compensation. The Seller shall pay (or cause to be paid) all wages, payroll taxes and fringe benefits (including accrued vacation pay) as well as social security, unemployment compensation, health, life and disability insurance and pension fund contributions, if any, of the Employees through the Cut-Off Time. On the Closing Date, the Buyer shall rehire or offer (or cause the Buyer’s manager to rehire or offer) employment at the Property to a sufficient number of Employees in the same position or job classification and at substantially the same wage rate or salary as such Employee held and enjoyed immediately prior to the Closing Date and for a sufficient period of time so as to avoid triggering the provisions of the Worker Adjustment and Retraining Notification Act and similar local or State laws or regulations (the “Employment Acts”). The Buyer or the Buyer’s Property manager shall be responsible for paying all salary and employee benefit obligations in connection with the employment or work of the Employees on or after the Closing Date, including any obligations under the Employment Acts arising as of or after the Closing Date. The Buyer shall indemnify and hold the Seller and the Manager harmless for any liabilities, obligations, costs, expenses and damages incurred by the Seller and the Manager and any claims, demands, actions and administrative proceedings (including, without limitation, all reasonable attorneys’ fees and costs incurred in connection therewith) relating to, arising from or in connection with the Buyer’s failure to comply with its obligations under this Section.