Common use of DISCHARGE OF INDEBTEDNESS AND LIENS Clause in Contracts

DISCHARGE OF INDEBTEDNESS AND LIENS. Seller and the ----------------------------------- Company shall have provided for the payment in full by the Company of all Funded Indebtedness of the Company and all extended credit from vendors at the Closing (other than customary accounts payable outstanding on 90 day or less payment terms in accordance with past practices). Such Funded Indebtedness, if any, as of August 31, 1997, is listed on Schedule 7.1(d) hereto. Seller shall have also --------------- provided for the termination of all Encumbrances of record on the properties of the Company, except for Permitted Exceptions. All liens or UCC filings against the Company and each of the Subsidiaries or Affiliates of the Company which engaged in the Business, shall have been terminated as of the Closing.

DISCHARGE OF INDEBTEDNESS AND LIENS. Seller and the Company ----------------------------------- Company shall have provided for the payment in full by the Company of all Funded Indebtedness of the Company (other than Assumed Funded Indebtedness) and all extended credit from vendors at the Closing (other than customary accounts payable outstanding on 90 day or less payment terms in accordance with past practices). Such Funded Indebtedness, if any, as of August 31, 1997, is listed on Schedule 7.1(d) hereto. Seller shall have also --------------- provided for the termination --------------- of all Encumbrances of record on the properties of the Company, except for Permitted Exceptions. All liens or UCC filings against the Company and each of the Subsidiaries or Affiliates of the Company which engaged in the Business, shall have been terminated as of the Closing.