Assumption of Debts. Pursuant to Government Code section 6508.1, none of the debts, liabilities or obligations of the Agency shall be the debts, liabilities or obligations of any of the members of TPPA unless assumed in a particular case by resolution of the governing body of the member to be charged.
Assumption of Debts. In consideration for entering into this Agreement, DCC agrees to pay merchant redemptions as they become due.
Assumption of Debts. 1.1 Subject to the terms of this Agreement, the Assignee agrees to assume all outstanding debt obligations of the Assignor as of the Effective Date (the “Debts’).
1.2 The following debt obligations shall be excluded from the Debts:
(a) a convertible promissory note in the amount of $100,000 payable to a creditor of the Assignor designated by the Assignee in sixteen (16) monthly installments of $6,250 per month with the first installment due on May 1, 2009, and the rest of the installments due every month thereafter on the first (1st) day of each month for a period of fifteen (15) months or until the outstanding Principal Balance (as defined in Schedule 1 hereto), together with any accrued interest and any fees or charges, has been paid.
(b) $48,125 owed to CX Digital as of the Effective Date, payable by the Assignor in fourteen (14) monthly installments of $3,437.50 per month on the tenth (10th) day of each month, with the first installment due not less than thirty (30) days after the Effective Date; and
(c) $20,900 owed to the Assignor’s auditor as of the Effective Date, payable by the Assignor as soon as is reasonably practicable.
Assumption of Debts. 1.1 Subject to the terms of this Assignment, AG&T LP agrees to assume a mortgage in the amount of $4,125,000 dated April 6, 2016 and payable to Precision Capital by Xxxx.
1.2 Subject to the terms of this Assignment, AG&T LP agrees to assume a mortgage in the amount of $600,000 dated April 6, 2016 and payable to Xxxxxx X. Xxxx by Xxxx.
1.3 Together, these debts shall be known as the “Debt”.
Assumption of Debts. Except as set forth on Schedule 1.3(b) and with respect to any assumed lease or contract, Buyer shall have no liability or responsibility for any liability or obligation of Seller of any kind or nature, whether related to Seller or otherwise, and whether known or unknown.
Assumption of Debts. (a) In connection with the Transaction and as a condition precedent, NYXO shall expressly assume certain debts and accounts of 212 in the amount of Seven Million One Hundred Twenty-Six Thousand Six Hundred Fifty-Eight Dollars Twenty-Seven Cents ($7,126,658.27), as detailed in the Debt Summary attached hereto at Exhibit C.
(a) Notwithstanding the foregoing, NYXO shall not assume any payroll tax liability incurred prior to the Closing Date (the “Payroll Taxes”) and 212 shall indemnify and hold harmless NYXO, and its officers and directors, for any liability, claims or losses associated with the Payroll Taxes. 212 expressly agrees to engage legal representation in connection with Payroll Taxes to submit an Offer in Compromise to the Internal Revenue Service or otherwise resolve the liability on a good faith and best efforts basis, and shall hold sufficient funds or shares in escrow sufficient to satisfy such liability. The amount held in escrow shall be mutually agreed between the Parties.
Assumption of Debts. Buyer shall assume the following obligations of Seller:
1.2.1 The promissory note secured by the Commercial Deed of Trust, Security Agreement and Fixture Filing with Assignment of Leases and Rents ("Trust Deed"), payable by Seller to Capital Crossing Bank. The Trust Deed was recorded on October 22, 1996, in the Official Real Property Records of Multnomah County, Oregon, as Fee No. 96159866. The promissory note referenced in this Paragraph, Trust Deed and all loan and security agreements evidencing the same are collectively referred to herein as "Capital Crossing Loan". The total unpaid balance of the Capital Crossing Loan as of the date of this Agreement is $1,073,959.35.
1.2.2 The unsecured debt payable by Seller to Western Bank (the "Western Bank Loan"). The total unpaid balance of the Western Bank Loan as of the date of this Agreement is $183,794.55. The Western Bank Loan shall be assumed by Buyer obtaining a new loan from Western Bank at the closing in the amount of the Western Bank Loan and using the proceeds of the new loan to pay off the Western Bank Loan.
Assumption of Debts. Buyer shall assume on the Closing Date all duties and obligations of the Company pursuant to the contracts, agreements, leases, and payables described in the Exhibits hereto. For any taxes due and payable as of the Closing Date, Seller shall provide Buyer, at closing with checks made out to the appropriate taxing authorities sufficient to fully pay all such tax obligations. Thus, subject to Buyer delivering those checks to the appropriate taxing authorities, Seller attests that there are no other taxes payable as to the Company as of the Closing Date.
Assumption of Debts. CCT hereby assumes to pay all debts of the Company that accrue from January 13, 2014 through the End Date related to the running of the business of the Company in which the Secured Creditors have been consulted and provided consent (the “Assumed Debts”). CCT will indemnify the Company for any claims arising from the Assumed Debts. It is contemplated that the debts will first be paid from the cash flow of the business and that CCT will make up any shortfall.
Assumption of Debts. Assume all debt, and all contracts, payables, and leases that are obligations of Business Manager and that relate principally to the performance of Business Manager's obligations under this Agreement or the properties leased or subleased by Business Manager; and
