Common use of Transfer Time Clause in Contracts

Transfer Time. All Transferred Employees shall become employees of Buyer as of the time (the “Employee Transfer Time”) that is the later of (x) 12:01 a.m. on March 31, 2008, and (y) the Effective Time, and except as otherwise provided herein, at such time, Buyer shall assume and be responsible for payment of all salaries and benefits, and all other costs and liabilities, relating to the period from and after the Employee Transfer Time relating to the Transferred Employees, except that with regard to an Employee on Leave to whom Buyer makes an employment offer, such obligations shall not attach unless and until the Employee on Leave commences employment with Buyer.