Common use of Assignment by Operation of Law Clause in Contracts

Assignment by Operation of Law. The Parties acknowledge, agree and accept that this Agreement qualifies as the transfer of an undertaking under section 7:662-666 of the Dutch Civil Code (Burgerlijk Wetboek) ("DCC"). According to section 7:663 DCC, the following actions will occur by operation of law: (a) The employees who are on the employment rolls of Seller immediately prior to the Closing Date and who are subject to the DCC will leave the employment of Seller and will enter the employment of Purchaser effective as of the Closing Date (the "TRANSFERRED SELLER EMPLOYEES"); and (b) The terms and conditions of employment of the Transferred Seller Employees with Purchaser will be identical, in full scope, to the terms and conditions of employment of the Transferred Seller Employees with Seller immediately prior to the Closing Date.

Assignment by Operation of Law. The Parties acknowledge, agree and accept that this Agreement qualifies as the transfer of an undertaking under section 7:662-666 of the Dutch Civil Code (Burgerlijk Wetboek) ("“DCC"”). According to section 7:663 DCC, the following actions will occur by operation of law: (a) The employees who are on the employment rolls of Seller immediately prior to the Closing Date and who are subject to the DCC will leave the employment of Seller and will enter the employment of Purchaser effective as of the Closing Date (the "TRANSFERRED SELLER EMPLOYEES"“Transferred Seller Employees”); and (b) The terms and conditions of employment of the Transferred Seller Employees with Purchaser will be identical, in full scope, to the terms and conditions of employment of the Transferred Seller Employees with Seller immediately prior to the Closing Date.