Assumed Liabilities definition
Examples of Assumed Liabilities in a sentence
In such instance, such Non-Assignable Asset shall be held, as of and from the Closing Date, by the applicable Seller or the applicable Affiliate of Seller (other than the Company) in trust for the Company and the covenants and obligations thereunder shall, to the extent they are Assumed Liabilities, be performed by the Company, and all benefits and obligations existing thereunder, in each case, to the extent relating to the post-Closing period shall be for the Company’s account.
Since the date of its formation, other than, following the consummation of the IP Contribution, (a) owning the Contributed Assets and Assigned Contracts, (b) assuming the Assumed Liabilities and (c) its rights and obligations under the documentation effecting the IP Contribution, the Company has not engaged in any non-ministerial activities (other than in connection with the IP Contribution) and has not incurred any liabilities other than liabilities incidental to its formation.