definiens: the f > urchascd Assets . ~Exclude d LiabilitiHH means ( i ) any and all Liabilities in respect of any Excluded Assets, including ( a ) the outstandil\i amount of all principal . interest, foes and e;<pc : nllo : J in respect of borro ... -td money, capital leases, inslallment ptnha$es and other indebtednCSII of ~ lIer, ( b ) any Liability o(SeIIer, Of otherwise imposed on lhe Purchased Asset ! . in respoc : l oflDY T.x . includin8 ( i ) any Liability ofSeUer fill the Taxes of any other Person under Rea . 1.lsOU ( or any similar provision of state, local, or fon : ign law ) . as a I1aIlsferee DC su.cceSSCJr, by contract, l)r otherwise, and ( ii ) any Transaction Toea, but excluding BnyTransaclion Ta:«s or Property Taxes 10 theeXlCnt tIllI they are spoc : ifi ... lly .lIocated 10 Buyer pUl"$UlIlt to Section 4.4 or U O(b ), ( el any environmental Lw.bilities of Seller, ( d ) llDy LIabilities 10 A · ' director 'S, olfteen or empJoyecs of Seller or in respect of Seller employee benefit, profit slwing or health care pllllU, ( e ) an ) ' Uabilit ., of SIllier with rcspco.::t to an ) ' Action or Procc : ocding pending or ~~tencd against Seller, ( f ) any Liabilities of any Penon . other than Seller and ( g ) any Liabilities of Seller ( including upcnses to be borne by Seller ) under this Agreement or any of the other Ilfttments, instruments and cenifieatcs Cltccuted in connceti<:ln herewith, ( ii ) any Liabilities of Seller or any of iu Affiliates which ariM out of or Ire, UJTl'tan ~ es ari ~ ing on or prior to the Clo : Iing, and ( iii ) an ) ' Liabilities of Seller arising from or relating to any action taken by Seller, or an ) ' f.ilure on the par ! of Seller to take any acjion, at any time ancr the Closing Date