Common use of Trade Payables Clause in Contracts

Trade Payables. Trade payables shall mean (for all purposes) under this Agreement open accounts payable to trade vendors or suppliers of the Properties. Except for trade payables for Consumables, Seller agrees to give Purchaser a credit at Closing for all trade payables from the Properties which have accrued on or prior to 12:01 a.m. on the Closing Date, and Purchaser shall be obligated to pay (i) such payables to the extent it has received a credit from Seller at Closing and (ii) trade payables or the Consumables. Purchaser agrees to pay all trade payables from the Properties which have accrued after 12:01 a.m. on the Closing Date and shall and hereby does indemnify and hold Seller harmless from payment of the same. The indemnities contained or provided for in this section survive Closing.