Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 10

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 10
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is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with
the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

“”
shall have the meaning ascribed to such term in Section 4.17(a).

“”
means (a) unsecured liabilities for borrowed money or amounts owed not in excess of $100,000 in the aggregate (other than trade accounts
payable incurred in the ordinary course of business), (b) all guaranties, endorsements and other contingent obligations in respect of
indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes
thereto) not affecting more than $100,000 in the aggregate, except guaranties by endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business; (c) the present value of any lease payments not in excess of $100,000
due under leases required to be capitalized in accordance with GAAP; and (d) Equipment Financing, as defined herein.

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“”
means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental charges or levies
not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate
proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established in accordance
with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s business, such as carriers’,
warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other similar Liens arising in the ordinary course
of the Company’s business, and which (x) do not individually or in the aggregate materially detract from the value of such property
or assets or materially impair the use thereof in the operation of the business of the Company and its Subsidiaries or (y) are being contested
in good faith by appropriate proceedings, which proceedings have the effect of preventing for so long as any Preferred Shares remain outstanding
the forfeiture or sale of the property or asset subject to such Liens, (c) Liens incurred in connection with Permitted Indebtedness under
clause (c) thereunder, provided that such