Common use of Liabilities Assumed by Buyer Clause in Contracts

Liabilities Assumed by Buyer. In partial payment of the Purchase Price (as defined in Section 3.1), the Buyer shall assume only liabilities and obligations under contracts and other agreements to which the Seller is a party and relating to the Purchased Assets only, to the extent existing on the Effective Date. The specific liabilities to be assumed by the Buyer pursuant to this Agreement are hereinafter sometimes collectively referred to as the “Assumed Liabilities.”