Common use of Notice to Creditors Clause in Contracts

Notice to Creditors. Seller and the Stockholders shall give notice, at Seller and the Stockholders' expense, to all creditors listed under the list provided by the Seller and the Stockholders under the foregoing paragraph, which notice shall state the following: (i) The transfer contemplated by this Agreement is about to be made; (ii) The name and business address of the Seller and the Stockholders; (iii) Whether or not all of the debts of the Seller and the Stockholders are to be paid in full as they fall due as a result of this transaction; and, if so, the address to which the creditors should send their bills and invoices; (iv) If the consideration to be given for the transactions contemplated hereunder is not adequate to pay all Seller and the Stockholders' creditors in full, the arrangements under which the Seller and the Stockholders undertake to pay such creditors, and the procedure to be followed by the creditors to assert their claims so that they will be paid by the Seller and the Stockholders as described in the notice.