Common use of No Other Assets or Liabilities Clause in Contracts

No Other Assets or Liabilities. Southern Gulf has no material assets other than its direct and indirect ownership interest in Gulf Holdings and its Subsidiaries, and has no material liabilities, obligations or commitments of any type, except those arising under the organizational documents of Gulf Holdings and its Subsidiaries or as otherwise related to the business and operations of Gulf Holdings and its Subsidiaries. CGSC has no material assets other than its ownership interest in Young, and has no material liabilities, obligations or commitments of any type, except those arising under the organizational documents of Young or as otherwise related to the business and operations of Young.