Common use of Third Party Contracts Clause in Contracts

Third Party Contracts. Cause each party to any Operative Document or other material agreement with the Borrower to covenant and agree in such contract that such party will not prior to the date that is one year (or, if longer, the applicable preference period then in effect) plus one day after the first day on which all of the Obligations have been paid in full (a) commence or institute against the Borrower or join with or facilitate any other Person in commencing or instituting against the Borrower, any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, receivership, insolvency or liquidation proceedings, or other similar proceedings under any United States Federal or state, or other jurisdiction, bankruptcy or similar law or statute now or hereafter in effect or (b) participate in any assignment for benefit of creditors, compositions, or arrangements with respect to the Borrower’s debts.

Third Party Contracts. Cause each party to any Operative Document or other material agreement with the Borrower to covenant and agree in such contract that such party will not prior to the date that is one year (or, if longer, the applicable preference period then in effect) plus one day after the first day on which all of the Obligations have been paid in full (a) commence or institute against the Borrower or join with or facilitate any other Person in commencing or instituting against the Borrower, any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, receivership, insolvency or liquidation proceedings, or other similar proceedings under any United States Federal or state, or other jurisdiction, bankruptcy or similar law or statute now or hereafter in effect or (b) participate in any assignment for benefit of creditors, compositions, or arrangements with respect to the BorrowerXxxxxxxx’s debts.

Third Party Contracts. Cause each party to any Operative Document or other material agreement with the Borrower to covenant and agree in such contract that such party will not prior to the date that is one year (or, if longer, the applicable preference period then in effect) plus one day after the first day on which all of the Obligations have been paid in full (a) commence or institute against the Borrower or join with or facilitate any other Person in commencing or instituting against the Borrower, any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, receivership, insolvency or liquidation proceedings, or other similar proceedings under any United States Federal or state, or other jurisdiction, bankruptcy or similar law or statute now or hereafter in effect or (b) participate in any assignment for benefit of creditors, compositions, or arrangements with respect to the Borrower’s debts.