Examples of Assumed Contracts in a sentence
Subject to the terms and conditions set forth herein upon Closing, Buyers shall assume and agree to pay, perform and discharge all Liabilities and obligations under the Assumed Contracts but only to the extent that such Liabilities and obligations are required to be performed after the Effective Time, were incurred in the Ordinary Course and do not relate to a breach, default or other violation by Seller on, before or as a consequence of Closing (collectively, the "Assumed Liabilities").
All income and expenses pursuant to the Assumed Contracts will be prorated between Buyer and Sellers as of the Closing Date on the Closing Statement.
Any amounts received by Sellers under the Assumed Contracts related to any period after the Closing shall be promptly paid to Buyer.
Seller has made available to Purchasers complete and accurate copies of all current Assumed Contracts with each of the Key Suppliers and any amendments thereto.
Sellers shall receive a credit on the Closing Statement for the amount of any prepaid rents related to periods after the Closing, security deposits, or other deposits previously paid by the Partnership under the Assumed Contracts, less any such amounts paid to and collected by the Partnership under the Assumed Contracts.