Alternative Procedure. Buyer and Seller agree that, pursuant to the "Alternative Procedure" provided in section 5 of Revenue Procedure 96-60, 1996-2 C.B. 399, (i) Buyer and Seller will report on a predecessor/successor basis as set forth therein, (ii) Seller will be relieved from filing a Form W-2 with respect to any employee of Seller who accepts employment with Buyer and (iii) Buyer will undertake to file (or cause to be filed) a Form W-2 for each such employee for the year that includes the Closing Date (including the portion of such year that such employee was employed by Seller). Seller agrees to provide Buyer with all payroll and employment-related information with respect to each employee of Seller who accepts employment with Buyer.
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Sources: Asset Purchase Agreement (Chancellor Media Corp of Los Angeles), Asset Purchase Agreement (Chancellor Media Corp of Los Angeles)