Hello community - I've got a question regarding deal/debt assumptions that I'd love to get perspective on.

I'm looking at a business that does about $2.5 million in EBITDA on roughly $10M in revenue. We've had loose valuation discussions and are in agreement around the $10M - $12M range. The company has funded their growth using a revolver that is maxed out at $5M. My question is, what typically happens to that revolver as a part of the transaction? Specifically, who is responsible for paying it down? My assumption is that since the revolver has been the tool to spur growth (which is the only reason the company is valued at $10 - $12M) it should be the responsibility of the seller to pay down the revolver using the proceeds. With interest rates where they are, the deal doesn't make any sense if I'd have to continue to pay the interest on the revolver AND the payments on my debt to fund the deal.

As I see it, the options for moving forward include:

a) I pay the seller full value ($10M - $12M) and inherit the outstanding revolver (not viable for me)
b) I pay the seller full value ($10M - $12M) and they use the proceeds to pay down the revolver thereby marking the true value down to $5M - $7M
c) Some compromise where the value of the business is marked down in proportion to the amount of the revolver that is paid down and a buyer-friendly deal structure is implemented to "compensate" me for taking over a portion of the unpaid revolver

Perhaps an elementary question, but I'd love to get perspective before I continue conversations with the seller. Thank you in advance for any experience you're willing to share!