Common use of Assumed Liabilities and Excluded Liabilities Clause in Contracts

Assumed Liabilities and Excluded Liabilities. (a) Upon the terms and subject to the conditions set forth herein and in the Agreement, Purchaser shall assume, (i) the obligation to pay the Servicing Advance Receivables Purchase Price and the other obligations on account of the Servicing Agreements set forth in the Agreement and this Sale Supplement and (ii) as of or after the Servicing Transfer Date for each Servicing Agreement, all of the duties, obligations, and liabilities of Seller (other than the Excluded Liabilities) as servicer under each such Servicing Agreement accrued and pertaining solely to the period from and after such Servicing Transfer Date (the “Assumed Liabilities”).