Common use of Vacation Liability Clause in Contracts

Vacation Liability. Purchaser shall assume liability as of the Closing Date for the vacation entitlement that each Employee who becomes an employee of Purchaser has accrued as reflected on Schedule 21.6. Purchaser shall provide to each Employee who becomes an employee of purchaser, as vacation time for the remainder of the calendar year 2002 after the Closing Date, a minimum of two weeks or, if less, the amount of vacation time to which the Employee would have been entitled after the Closing Date if Seller had remained his or her employer for the balance of the year 2002 on the terms of employment existing as of the Closing Date. Purchaser shall pay each such Employee's wages or salary during their vacation entitlement from Purchaser, when taken. If an Employee with accrued vacation terminates employment with Purchaser during the year 2002 with vacation entitlements remaining, Purchaser shall pay such Employee a lump sum in cash equal to such vacation entitlement.