Common use of Other Liabilities and Obligations Clause in Contracts

Other Liabilities and Obligations. As of the Effective Date, to the extent required by applicable law, rule or regulation, Sub and the applicable Sub Group members shall assume and be solely responsible for all Liabilities whatsoever of Parent with respect to claims made by or with respect to Transferred Employees relating to their employment by the Parent Group in connection with the Sub Business, including, without limitation, accrued holiday, vacation and other termination (including severance) benefits (collectively, "Employee Liabilities"). In the absence of such law, rule or regulation, all such Liabilities shall be treated as Retained Liabilities for purposes of this Agreement. Parent shall be solely responsible for salaries, wages and other incentive bonus compensation earned by Transferred Employees but not paid before the Effective Date. Without limiting the foregoing, nothing in this Agreement or in the transactions contemplated hereby shall be construed as giving any Transferred Employee any rights to termination benefits (including severance) on account of the Reorganization. Sub shall, with respect to any participation of the Sub Employees, assist Parent in the administration of claims and benefits under the relevant plan and cooperate with Parent and its auditors and benefits administrators. In addition, the parties agree that, to the extent permitted by applicable law, matters arising out of or resulting from foreign plans and non-U.S.-related employment of Transferred Employees be handled in a manner which is consistent with comparable U.S. matters as set forth herein.