Common use of INDEBTEDNESS AND AGREEMENTS Clause in Contracts

INDEBTEDNESS AND AGREEMENTS. Immediately subsequent to the Effective Time, the Surviving Corporation will have no indebtedness outstanding that is payable to such Shareholder or any of its Affiliates, except for benefits pursuant to Benefit Plans listed on the schedules hereto. Immediately subsequent to the Effective Time, except for this Agreement and agreements contemplated hereby, there will be no agreements, contracts, leases, arrangements or other understandings (either written or oral) between such Shareholder and the Surviving Corporation, except for benefits pursuant to Benefit Plans listed on the schedules hereto.

INDEBTEDNESS AND AGREEMENTS. Immediately subsequent to the Effective Time, the Surviving Corporation will have no indebtedness outstanding that is payable to such any Company Shareholder or any of its their respective Affiliates, except for benefits pursuant to Benefit Plans listed on the schedules hereto. Immediately subsequent to the Effective Time, except for this Agreement and agreements contemplated herebythe Hydril Agreements which shall continue in effect, there will be no agreements, contracts, leases, arrangements or other understandings (either written or -21- 27 oral) between such Company Shareholder and the Surviving Corporation, except for benefits pursuant to Benefit Plans listed on the schedules hereto.