Common use of Assumption of Photowatt Liabilities Clause in Contracts

Assumption of Photowatt Liabilities. In furtherance of the transfer of the Photowatt Assets by the ATS Group to the Photowatt Group as contemplated in Section 2.1, the Photowatt Group hereby fully and unconditionally assumes and, to the extent they become due and payable, covenants to pay or otherwise perform or discharge when done, the Photowatt Liabilities, to the complete exoneration of the ATS Group, which assumptions are to occur prior to or concurrent with completion of the Offering as contemplated by the Separation Agreements.