Debt Payments. The Asset Purchase Price assumes that, at the Closing, the Assets being purchased will be lien-free and debt-free (except for unaccrued contract payments for the contracts listed on Schedule 1.1(c) hereof and the encumbrances listed on Scheduled 3.7). Any amounts paid by Buyer to remove Liens (as hereinafter defined) on the Assets or pay any debt of Seller shall be deemed to have been paid to Seller as part of the cash portion of the Asset Purchase Price unless such payment by Buyer is treated as a loan to Seller as provided in the Master Agreement.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Global Energy, Inc.), Master Agreement (Global Energy, Inc.)