Definition of Accrued Employee Vacation

Accrued Employee Vacation means any accrued vacation or other accrued paid time off (but shall exclude accrued wages, salary or other benefits) for the employees of any Facility that accept an offer of employment by Purchaser (as contemplated by Section 3.4(e)), including,without limitation, those employees who will continue to be employed at any Facility after the closing.

Examples of Accrued Employee Vacation in a sentence

Seller shall be responsible for, and shall pay at Closing, all salary, wages, and other compensation, accrued with respect to Hired Employees and other Employees who are terminated in connection with the transaction for services rendered to Seller through 11:59 P.M. on the date preceding the Closing Date, other than the Accrued Employee Vacation.
Purchaser shall receive a credit towards the Purchase Price for the Accrued Employee Vacation and any other obligations as otherwise expressly agreed by Purchaser and Seller.