Outstanding Expenses and Obligations Sample Clauses
Outstanding Expenses and Obligations. All outstanding expenses and obligations of the individual ABC systems existing on the effective date of the merger shall be satisfied from the division assets of each former ABC system – liabilities of the Hendersonville System will be a liability of and shall be satisfied from the Hendersonville division, and liabilities of the Laurel Park System will be a liability of and be satisfied from the Laurel Park division. Any and all claims, actions, or other liabilities, whether known or unknown, arising from the operations of the Laurel Park System shall be satisfied from the Laurel Park division. Any and all claims, actions, or other liabilities, whether known or unknown, arising from the operations of the Hendersonville System shall be satisfied from the Hendersonville division.
Outstanding Expenses and Obligations. All outstanding expenses and obligations of the individual ABC systems existing on the effective date of the merger shall be satisfied from the division assets of each former ABC system – liabilities of the Hendersonville System will be a liability of and shall be satisfied from the Hendersonville division, and liabilities of the Laurel Park System will be a liability of and be satisfied from the Laurel Park division..