Common use of No Secured Creditors; Solvency Clause in Contracts

No Secured Creditors; Solvency. (a) No Group Company has any secured creditors holding a fixed or floating security interest. (b) No Group Company has taken any steps to seek protection pursuant to any bankruptcy Law, nor does the Company have any knowledge or reason to believe that any creditors of any Group Company intend to initiate involuntary bankruptcy proceedings or any knowledge of any fact which would reasonably lead a creditor to do so. Each Group Company and the Group Companies on a consolidated basis are not, as of the date hereof, and after giving effect to the Transactions to occur at the Effective Time will not be, Insolvent.

No Secured Creditors; Solvency. (a) No Group Company has any secured creditors holding a fixed or floating charge or security interest. (b) No Group Company has taken any steps to seek protection pursuant to any bankruptcy Lawor insolvency law, nor does the Company have any knowledge or reason to believe that any creditors of any Group Company intend to initiate any involuntary bankruptcy proceedings or any knowledge of any fact which would reasonably lead a creditor to do so. Each Group Company and the Group Companies on a consolidated basis are not, as of the date hereof, and after giving effect to the Transactions to occur at the Effective Time Closing will not be, Insolvent.