Common use of Standard Procedure Clause in Contracts

Standard Procedure. Pursuant to the “Standard Procedure” provided in Section 4 of Revenue Procedure 2004-53, 2004-2 C.B. 320, (i) Purchaser and Seller (or their respective Affiliates) shall report on a predecessor/successor basis as set forth therein, (ii) Seller and its Affiliates will not be relieved from filing a Form W-2 with respect to any Business Employees for any portion of the Pre-Closing Tax Period that such Business Employee was employed by Seller or its Affiliates and (iii) Purchaser or its Affiliate will undertake to file (or cause to be filed) a Form W-2 for each such Business Employee with respect to the portion of the Post-Closing Tax Period during which such Business Employees are employed by Purchaser or its Affiliates. Seller and Purchaser shall cooperate in good faith to the extent necessary for the purpose of effectuating its compliance with the “Standard Procedure.”