Payment of Current Liabilities. PDL shall under the terms of each respective Contract remit payment to vendors for all current liabilities that are both recorded on the PDL Consolidated Balance Sheet in accordance with GAAP and unpaid as of the Effective Time, with the exception of (i) the Selected Liabilities and (ii) any deferred revenue and debt accounts that are recorded on the Opening Facet Balance Sheet. Facet shall remit payment for the Selected Liabilities to the payees identified by PDL under the terms of each respective Contract.
Appears in 4 contracts
Samples: Separation and Distribution Agreement (PDL Biopharma, Inc.), Separation and Distribution Agreement (Facet Biotech Corp), Separation and Distribution Agreement (Facet Biotech Corp)
