Common use of Liabilities; Claims Clause in Contracts

Liabilities; Claims. There are, and on the Effective Date will ------------------- be, no liabilities (including, but not limited to, tax liabilities) or claims against Whitco (whether such liabilities or claims are contingent or absolute, direct or indirect, matured or unmatured) not appearing on the Financial Statements, other than (i) liabilities incurred in the ordinary course of business since September 30, 2002, (ii) taxes accrued on earnings since September 30, 2002 which are not yet due or payable, or (iii) liabilities which in the aggregate do not exceed $50,000.