Common use of Xxxxxx, Inactivation, and Closure of Debts Clause in Contracts

Xxxxxx, Inactivation, and Closure of Debts. 1. The Creditor Agency understands its obligation to recall a Debt (or a Debtor’s liability with regard to a Debt) submitted to CRS or the Cross-Servicing Program, and inactivate or close a Debt (or a Debtor’s liability with regard to a Debt) referred directly to TOP, as applicable, if the: (a) Debtor has filed for bankruptcy and the automatic stay is in effect;

Xxxxxx, Inactivation, and Closure of Debts. 1. The Creditor Agency understands its obligation to recall a Debt (or a Debtor’s liability with regard to a Debt) submitted to CRS or the Cross-Servicing Program, and inactivate or close a Debt (or a Debtor’s liability with regard to a Debt) referred directly to TOP, as applicable, if the: (a) Debtor has filed for bankruptcy and the automatic stay is in effect;