DISCHARGE OF INDEBTEDNESS AND LIENS. Sellers and the ----------------------------------- Companies shall have provided for the payment in full of all Funded Indebtedness of the Companies and all extended credit from vendors at the Closing (other than customary accounts payable of the Companies in accordance with past practices). Such Funded Indebtedness as of May 31, 1996, is listed on Schedule 7.1(d) --------------- hereto. Sellers shall have also provided for the termination of all Encumbrances of record on the properties of the Companies, except for Permitted Encumbrances. Also, prior to the Closing, ▇▇▇▇▇ ▇. ▇▇▇▇▇ shall take title to the Mercedes, the ▇▇▇▇ Deere Tractor, the Toyota Camary and the Chevrolet Suburban, and ▇▇▇▇▇ ▇. ▇▇▇▇▇ shall assume all vehicle loans totaling approximately $22,000, for which he will pay Copy Service $9,000. In addition, the following indebtedness shall be paid at closing, and all security interests thereon shall be released as of the Closing: (i) the $355,000 shareholder note of ▇▇▇▇▇ ▇. ▇▇▇▇▇; and (ii) the $83,000 note owed by ▇▇▇▇▇ ▇. ▇▇▇▇▇ in connection with the transfer to him of the Danka stock.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Global Imaging Systems Inc), Stock Purchase Agreement (Global Imaging Systems Inc)