Common use of Assumption of Assumed Obligations Clause in Contracts

Assumption of Assumed Obligations. To the extent that a Seller Local Entity sells assets, the Buyer Local Entity shall assume and agree to accept only the following (collectively, the "Assumed Obligations"): (i) all trade payables, accounts payable, accrued payroll, accrued expenses, accrued wages, accrued payroll taxes, accrued vacation pay and other current liabilities of the Seller Local Entity relating to the Global Business and included in the calculation of Net Working Capital and other liabilities reflected on the Financial Statements which Purchaser agrees to assume. (the "Assumed Liabilities"); and (ii) the obligations of the Seller Local Entity arising and to be performed under the Seller Local Entity's contracts, each of which shall be listed on a Schedule to the Local Purchase Agreement (the "Assumed Contracts").

Assumption of Assumed Obligations. To the extent that a Seller Local Entity sells assets, the Buyer Local Entity shall assume and agree to accept only the following (collectively, the "“Assumed Obligations"”): (i) all trade payables, accounts payable, accrued payroll, accrued expenses, accrued wages, accrued payroll taxes, accrued vacation pay and other current liabilities of the Seller Local Entity relating to the Global Business and included in the calculation of Net Working Capital and other liabilities reflected on the Financial Statements which Purchaser agrees to assume. (the "“Assumed Liabilities"”); and (ii) the obligations of the Seller Local Entity arising and to be performed under the Seller Local Entity's ’s contracts, each of which shall be listed on a Schedule to the Local Purchase Agreement (the "“Assumed Contracts"”).