Employee Company

Employee Company. A limited purpose, bankruptcy remote limited liability company to be established, if required by the provisions of Section 6.21, with at least 49% of the Equity Interests of which owned by Holdings or a wholly owned subsidiary thereof and at least 49% of the Equity Interests of which owned by East Holdings or a wholly owned subsidiary thereof, with the remaining Equity Interests owned by Holdings or a wholly owned subsidiary thereof, East... Holdings or a wholly owned subsidiary thereof or the Parent, the sole business of which will be (x) to employ substantially all management and other employees conducting and providing services to (i) the Acquired Business of the Borrower and other businesses conducted by the Borrower or its subsidiaries or (ii) the East Borrower or its subsidiaries and (y) to be compensated by the Borrower and the East Borrower, on a current cost-recovery basis, for the out-of-pocket costs and expenses (including salaries, bonus and benefit costs) of providing such employees for the benefit of the Borrower and the East Borrower, as the case may be, pursuant to the Employee Cost Sharing Agreement. View More