Division of Liabilities. Effective on the Distribution Date, (i) Hilton shall retain and shall be responsible for all accrued liabilities (whether vested or unvested, and whether funded or unfunded) for vacation and sick leave in respect of all Hilton Individuals as of the Distribution Date and (ii) Park Place shall assume and shall be responsible for all accrued liabilities (whether vested or unvested, and whether funded or unfunded) for vacation and sick leave in respect of all Park Place Individuals as of the Distribution Date. From and after the Distribution Date, (x) Hilton shall be solely responsible for the payment to Hilton Individuals of vacation or sick leave accrued after the Distribution Date and (y) Park Place shall be solely responsible for the payment to Park Place Individuals of vacation or sick leave accrued after the Distribution Date.
Appears in 2 contracts
Sources: Allocation Agreement (Hilton Hotels Corp), Employee Benefits and Other Employment Matters Allocation Agreement (Park Place Entertainment Corp)