Liabilities and Contracts. The Surviving Association will assume all liabilities of FBC in existence on the Effective Date of the Merger. FBC has no mortgage debt, long term debt or bank debt. FBC has credit card debt, and there will be outstanding bills as of the Effective Date of the Merger, all of which will be assumed by the Surviving Association. The Surviving Association will honor all contracts of FBC in existence on the Effective Date of the Merger. As of March 1, 2022, LHCC has a current debt of approximately $1.5 million.
Appears in 2 contracts
Sources: Plan of Merger, Plan of Merger