Common use of Liabilities of the Corporation Clause in Contracts

Liabilities of the Corporation. The Corporation has no liabilities, contingent or otherwise, including, without limitation, liabilities for state or Federal income, withholding, sales, or other taxes, except to the extent reflected, reserved against, or provided for, in the Corporation's Most Recent Balance Sheet, except for taxes, trade payables and other obligations incurred after the date of the Corporation's Most Recent Balance Sheet in amounts consistent in all material respects, with those incurred in prior periods in the ordinary course of business, including without limitation liabilities for unearned tuition.