Common use of Liabilities Assumed by Buyer Clause in Contracts

Liabilities Assumed by Buyer. As of the Closing Date (as ---------------------------- hereinafter defined in Section 3.1), Buyer shall assume only the following liabilities of Seller (the "Assumed Liabilities"): (a) liabilities arising from and after the Closing Date under the Assigned Contracts and the Lease; and (b) warranty liabilities ("Assumed Warranties"), if any, to the extent of the warranty reserve reflected in the Closing Balance Sheet (as hereinafter defined in Section 3.6).