Common use of Default by Third Party Clause in Contracts

Default by Third Party. So far as the Seller is aware, no other party to any agreement to which a Target Entity is a party is in default, or would be in default but for the requirements of notice or lapse of time, under that agreement.

Default by Third Party. So far as the Seller is aware, as at the date of this agreement, no other party to any written agreement to which a Target Entity is a party is in default, or would be in default but for the requirements of notice or lapse of time, under any material term of that agreement, where such default will, or would reasonably be likely to, have a Material Adverse Effect on the Target Entity.