Common use of Union Contract Clause in Contracts

Union Contract. Prior to Closing, Seller and Buyer will utilize best efforts to negotiate with the labor organization representing Seller’s union employees and reach an agreement allowing the assignment of the Collective Bargaining Agreement between Seller and United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union AFL-CIO, CLC on behalf of Local Union 5852-22 (the “Union”) dated October 1, 2013, as amended (the “Union Contract”), from Seller to Buyer, with terms reasonably acceptable to Buyer in its sole discretion. The Parties acknowledge that assignment of the Union Contract from Seller to Buyer is Buyer’s preference. Alternatively, Buyer may agree, in its sole discretion, to enter into a new collective bargaining agreement with the Union, which new agreement would terminate the current Union Contract with Seller, so long as the financial terms of such new agreement are similar to or the same as the proposed assignment of the Union Contract. Whichever contractual method is agreed upon, the Buyer Benefit Plans anticipated by Schedule 8.2.1 shall be substituted for Seller’s like plans.

Union Contract. Prior to Closing, Seller and Buyer will utilize best efforts to negotiate with the labor organization representing Seller’s union employees and reach an agreement allowing the assignment of the Collective Bargaining Agreement between Seller and United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union AFL-CIO, CLC on behalf of Local Union 5852-22 (the “Union”) dated October 1, 2013, as amended (the “Union Contract”), from Seller to Buyer, with terms reasonably acceptable to Buyer in its sole discretion. The Parties acknowledge that assignment of the Union Contract from Seller to Buyer is Buyer’s preference. Alternatively, Buyer may agree, in its sole discretion, to enter into a new collective bargaining agreement with the Union, which new agreement would terminate the current Union Contract with Seller, so long as the financial terms of such new agreement are similar to or the same as the proposed assignment of the Union Contract. Whichever contractual method is agreed upon, the Buyer Benefit Plans anticipated by Schedule 8.2.1 shall be substituted for Seller’s like plans.. 7.6