Common use of Assumed Liabilities of Buyer Clause in Contracts

Assumed Liabilities of Buyer. Subject to Section 1.6 hereof, Buyer will assume and pay, perform and discharge as and when due the following liabilities and obligations, whether known, unknown, contingent, absolute, determined, indeterminable or otherwise on the Closing Date and whether incurred or accruing prior to, on or after the Closing Date, to the extent relating to or arising from the Business ("ASSUMED LIABILITIES"): (a) all liabilities and obligations of Seller not performed or satisfied as of the Closing Date under all of the Commitments (as hereinafter defined) listed on Schedule 3.16 of the Disclosure Schedule; (b) all liabilities of Seller disclosed in the Disclosure Schedule; (c) all liabilities of Seller under that certain Promissory Note of Seller dated December 3, 1997 to the order of Inwood National Bank in the principal amount of Thirty-Nine Thousand Nine Hundred Twenty-Three and 70/100 Dollars ($39,923.70) secured by Seller's telephone system, including accrued interest thereon; and (d) all other liabilities of Seller reflected or reserved against in the Latest Balance Sheet (as hereinafter defined) or incurred since December 31, 1997 in the ordinary course of business and consistent with past practice.