Third Party Creditors definition
Examples of Third Party Creditors in a sentence
In furtherance, but not in limitation of the generality of the foregoing, each Partner (i) is liable for any and all debts, obligations and other liabilities of the Partnership, whether arising under contract, or by tort, statute, operation of law or otherwise, enforceable directly and absolutely against each Partner by each Third Party Creditor and (ii) is deemed to and does assume, each debt, obligation other liability of the Partnership to all Third Party Creditors.
In addition, Buyer and Seller hereby agree to hold harmless 38 and indemnify the Brokers, their firms and affiliated licensees working on behalf of Buyer and Seller from any damages 39 incurred as a result of any delays in the approval process or by failure of a Third Party Creditor(s) to approve the short 40 sale.
The Law Relating to Series LLCs is Not Fully Developed, and the Company’s Assets may Become Subject to the Claims of Third Party Creditors.
If the Third Party Creditor(s) has not provided final, written 22 approval within the number of days specified above, either party may, at his option, terminate this Agreement with 23 days written notice as provided for in this Agreement and any ▇▇▇▇▇▇▇ Money shall be returned to Buyer.
In furtherance and not in limitation of the foregoing, each Common Member (i) is liable for any and all debts, obligations and other liabilities of the Company, whether arising under contract or by tort, statute, operation of law or otherwise, enforceable directly and absolutely against each Common Member by each Third Party Creditor and (ii) is deemed to and does assume, as a surety and not merely as a guarantor, each debt, obligation or other liability of the Company to all Third Party Creditors.
Buyer further acknowledges that Seller is not 27 liable for delays caused by the Third Party Creditor(s) or costs and expenses incurred by the Buyer if the Third Party 28 Creditor(s) does not allow the closing of the short sale.
Buyer and Seller acknowledge that the Third Party Creditor(s) is not a party to the 25 Purchase and Sale Agreement and therefore is not obligated to approve the Purchase and Sale Agreement or to fulfill a 26 short sale after approving the Purchase Price and terms of this Agreement.
Buyer and Seller agree to hold one another harmless from any damages resulting from 36 the failure of a Third Party Creditor(s) to approve the Purchase Price, the terms of this Agreement and the ▇▇▇-▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ within the time frame specified above.
The parties agree and understand that the Third Party Creditor(s) may require 30 the Seller to continue to market the Property and continue to submit additional offers and/or back-up contracts to them 31 for approval, even after Buyer and Seller have agreed upon terms and submitted their contract for approval.
Each Partner, by acquiring its interest in the Partnership and becoming a partner of the Partnership, shall be liable to the creditors of the Partnership (hereinafter referred to individually as a "Third Party Creditor", and collectively as the "Third Party Creditors").