Common use of Limited Assumption and Retention of Liabilities Clause in Contracts

Limited Assumption and Retention of Liabilities. (a) Upon the condition that the Closing shall occur, Purchaser shall assume and agrees to discharge all liabilities relating to or arising from the ownership or operation of the Assets from and after the Effective Time and those additional liabilities and obligations specifically provided for herein including, but not limited to, all environmental liabilities and obligations covered by Purchaser's indemnity obligations under Article IX.

Appears in 2 contracts

Samples: Asset Purchase and Sale Agreement (Williams Companies Inc), Asset Purchase and Sale Agreement (Premcor Refining Group Inc)

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Limited Assumption and Retention of Liabilities. (a) Upon the condition that the Closing shall occur, Purchaser and subject to the provisions of the Environmental Agreement, Buyer shall assume and agrees to discharge all liabilities relating to or arising from the ownership or operation of the Assets from and after the Effective Time and those additional liabilities and obligations specifically provided for herein including, but not limited to, all environmental liabilities and obligations covered by Purchaser's indemnity obligations under Article IXTime.

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Tosco Corp)

Limited Assumption and Retention of Liabilities. (a) Upon the condition that the Closing shall occur, Purchaser and subject to the provisions of Article 13 hereof, Buyer shall assume and agrees to discharge all liabilities relating to the ownership or operation of the Assets from and after the Effective Time or arising from the ownership or operation of the Assets from and after the Effective Time and those additional liabilities and obligations specifically provided for herein including, but not limited to, all environmental liabilities and obligations covered by Purchaser's indemnity obligations under Article IXTime.

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Frontier Oil Corp /New/)

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Limited Assumption and Retention of Liabilities. (a) Upon the condition that the Closing shall occur, Purchaser and subject to the provisions of the Environmental Agreement between the Parties and the liabilities retained by Seller pursuant to Section 2.5(b), Buyer shall assume and agrees to discharge all liabilities relating to or arising from the ownership or operation of the Assets from and after the Effective Time and those additional liabilities and obligations specifically provided for herein including, but not limited to, all environmental liabilities and obligations covered by Purchaser's indemnity obligations under Article IX.discharge:

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement (Holly Corp)

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