Common use of Secured Creditors Clause in Contracts

Secured Creditors. (a) Parent has neither created nor granted any fixed or floating security interest over any of its assets that remains outstanding as of the date of this Plan of Merger. (b) The Company has neither created nor granted any fixed or floating security interest over any of its assets that remains outstanding as of the date of this Plan of Merger. (c) As a result of the confirmatory statements set out in (a) and (b) above, no creditor consent to the Merger within the meaning of Section 233(8) of the Companies Law is required.

Secured Creditors. (a) Parent has neither created nor granted any fixed or floating security interest over any of its assets that remains outstanding as of the date of this Plan of Merger. (b) The Company has neither created nor granted any fixed or floating security interest over any of its assets that remains outstanding as of the date of this Plan of Merger. (c) As a result of the confirmatory statements set out in (a) and (b) above, no creditor consent to the Merger within the meaning of Section 233(8) of the Companies Law Act is required.