Excluded Liabilities

Excluded Liabilities. The meaning set forth in Subsection 4.2(b)

Excluded Liabilities. 1.39 "Excluded Liabilities"

Excluded Liabilities. All liabilities of SELLER other than the Assumed Liabilities

Excluded Liabilities. The liabilities or obligations relating to the Business or Assets and outstanding on or accrued or referable to the period up to and including the Completion Date including but not limited to any and all liabilities in respect of National Insurance, PAYE, VAT or other Taxation attributable to the Seller in respect of the Business, the Assets or the Employees in respect of the period ending on the Completion Date

Excluded Liabilities. Liabilities that rank on a parity with (including any subordinated notes issued under the Borrower's existing or any future bank note program, whether now outstanding or hereafter incurred) or junior to the Obligations on the insolvency or winding-up of the Borrower

Excluded Liabilities. Shall have the meaning set forth in Clause 4.2.