8
* * * * * * *
7.4 Loans Repaid. Except as provided in Section
8.4 below with respect to Intercompany Advances, all
loans made by the Company to the Seller or any
affiliate thereof, shall have been repaid in full,
including all applicable interest. All amounts
reflected on the July 31 balance sheet as "Dividends
Payable" shall be cancelled effective as of the date of
Closing.
* * * * * * *
8.4 Cancellations. All amounts reflected in the
July 31, 1988 Financial Statements of "Intercompany
Advances" shall be cancelled, effective as of the date
of Closing.
* * * * * * *
Schedule 4.8: Undisclosed contingent liabilities
None.
* * * * * * *
Schedule 4.18: Material changes since July 31, 1988
None.
* * * * * * *
Schedule 4.20: Intercompany documents
None.
S&B's July 31, 1988, financial statements indicate
"intercompany accounts and investments" of negative $724,000. No
"dividends payable" are reflected on S&B's July 31, 1988, balance
sheet.
On October 3, 1988, Thor announced publicly that it had
executed an agreement to sell the outstanding stock of S&B in
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