Common use of Liabilities and Contracts Clause in Contracts

Liabilities and Contracts. Brands does not have outstanding any liability or obligation of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due) except for debt owed to the Persons set forth on Schedule 5.7 all of which will be satisfied or otherwise extinguished or assumed by a third party pursuant to Section 6.9. Brands is not and has not been a party to, nor are or were Brands' assets bound or affected by, any Contract except for Contracts under which Brands has no further rights or obligations because the Contract has been fully performed or validly and irrevocably terminated.