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Thirty Seven Thousand Five Hundred Dollars ($]7, SOD) which shall <br />be applied toward the Price but shall be nonrefundable for any <br />reason except the Callure oC the Bankruptcy Court to approve the <br />t ransec[Sons contemplated herein, Buyer not 1>e ing Che suceesef ul <br />bidder under Section 1.2 be low, or the [allure of any o[ the <br />conditlona spetlf led in Section 2.] below. C~hould Buyer not De <br />the succeecful bidder under Section Z.3 below, the Thirty-Seven <br />Thouoend Five Xundred Dollars (5]7,500) shall be returned to <br />Buyer no later than two (Z) Duslnese days after the bidding <br />process le completed. <br />(b) The quantitlee o[ Inventory as o[ the <br />Clocing Date shell be determined and agreed Gy phys Scel <br />inventorle^ taken by repreaen tatlvee of Sellr.r end Buyer on the <br />clone o[ bus in ace on the day prior to the Cloa ing Daie. The <br />value of Inventory shall be determined Dy the then current market <br />price for scrap vehicles es quoted by the brokers cuetomarl3y <br />utllired by Seller Sn 1te buelnese on the data the physical <br />love ntot Ses are taken. Payment et Closing fcr the Inventory <br />shall ba made pursuant to Section 1.1 (a) hereof. <br />(c) The Price shall be allocated as set <br />forth In Exhlb it "C" hereto. Seller and Buyer acknovledga that <br />Exh Sblt "C^ hereto Se a proper allocation of the Price end that <br />Seller end Buyer each agree that they will not take any pos It ion <br />Snconsls tent vi.th this el3ocetlon in preparing fine octal <br />ctatemante, tax returns, reports to shareholders or governmental <br />euthorltlea or otharvlea vn ich relate to the [raneac[Sone <br />evidenced by this Agreement. Seller and Buyer shall agree to the <br />allocations required under Section 1060 of the Internal Aavanue <br />Code o[ 1986, es emended, end Seller and Buyer will each timely <br />file Internal Aevenue Servlca Form 859a ref lest ing the Linal <br />agreed upon Price ellocet ion. <br />l.t. No Assumotion o[ L1abS11t SYB• Buyer shall <br />not assume, or Sn any manner become reeponslble of 11aDle Lor, <br />any debts, obligatione or 11ab111t1ec oC Seller or any other <br />parties, whether known or unknown, fixed, contingent or <br />otherwise, ins ludinq, but not limited to, the following: <br />(a) LSa b131tiea, including damages, float <br />end penalties, arising out of claims by th ltd parties (Sac ludinq <br />any governmental agency or authority) against Seller alleging any <br />noncompliance with ar vio la [Son of federal, see to or other law or <br />vio lotion of rules or regulations thereunder Lnc ludinq federal, <br />state and local environmental and worker protection laws; <br />(b) Liabilities to employees of Seller Lor <br />vagea, feet, commiaelone, vorkera' compenca [ion, eeverence pay, <br />termineClon pay, vecatlon pay, unemployment b~enef Sta, or any <br />other type of lie bilitiee, payments or mad icel or other benefits <br />a riot ng out of their employment or the fermi n:rtlon of their <br />employment with 6aller. with respect to cle Sma under vorkera' <br />compensation coverage, Seller will be responsible for injuries <br />that occurreO prior to the Closlnq and Buyer will be responelhle <br />[or Snjur lee that occur after the Clocinq. Cla Sme for injuries <br />taco lung from occupatlonnl diseases shall ba deemed to have <br />occurred the day the employee ceaeee working ss a result of the <br />injury; <br />(c) LSaD111tiec under any .employee penalon <br />p lens. (se defined Sn TS[le I o[ the employee Retirement Income <br />Security Act o[ 197, ne emended ("EfIISA•)), or under any <br />^employee vet to ra benef It plans. (ec defined Sn EAISA) <br />established or melnta toed by Seller; <br />(d) LSebllit Sec for Income tsx, real or <br />personal property tax, sales tsx (except to the extent expreeely <br />provided hateln) or other taxes of vhateoevar nature (foreign, <br />Ceders 1, state or local) Sncluding deflciencles, interact and <br />penalties arising out of Seller's ovnerahip of the Aasate, the <br />conduct of Sts business or otherv Sse, except real estate tnxea on <br />Cha qIC Lend vh Sch shell ba prorated to the data of the Clocing; <br />(e~ L1ab111t1es with respect to pending or <br />thraetened litigation, Sncluding but not limited to satlone <br />Drought under any product, warranty, product liability or similar <br />claims e11ag1nq personal injury, death, daaaga or destruction to <br />property, economic lose or concaquentlsl damages, however <br />arising, with respect to products manu[acturad or sold by Seller <br />prior to the Clocinq; <br />(C) Llabi 11t1es, cle Sms, demands, or <br />obligatione of any nature vhetcoever arising out of any acts or <br />events occurring prior to Cloc ing in coMaction with the <br />ovnetsh Sp and operation of the ICNC Lend or the business o[ RNC; <br />(g) All trade end other accounts payable end <br />accrued expenses whether or not reflected end reserved for Sn the <br />Flnenclsl Statements, and all debts 11ab111t1as end obligations <br />of Seller paysbla to loaders, vendors, and other third parties) <br />or <br />(h) All 11ab1l1tlee and obllgatlona of <br />Seller which vio late any representation, warranty, covenant or <br />egraemant of seller. <br />1.5. Sa lee Taxes. Buyer shell pay ell ealea <br />trenater or other taxes levied on the seta oL the Aseete. <br />1.6. Pollavlnq the Clocinq, <br />Buyer agrees to cooperate vl h Seller Sn providing documents and <br />other Sn[ormatlon required by Seller Sn recolving claims o[ and <br />against the bankruptcy estate oL Seller. <br />