Common use of Terms of Contracts Clause in Contracts

Terms of Contracts. use all reasonable endeavours to ensure that any contracts entered into after the date of the Closing Date are, made on arms' length terms and: (a) do not contain: (i) any restriction on charging or assigning its right, title, interest and benefit to those contracts to the Borrower Security Trustee; or (ii) any provision permitting the counterparty to terminate, or which results in the automatic termination of, the relevant agreement, in either case upon the appointment of a Receiver or administrator in respect of the relevant Borrower; or (b) where such contracts do not comply with paragraph (a) above, use reasonable endeavours to obtain the consent of the relevant party where required, or, where such contract is entered into in replacement of an existing or expired contract, procure that such new contract does not contain terms in respect of termination on the appointment of a Receiver or administrator in respect of such Borrower that are more onerous than the terms of the prior contract;

Terms of Contracts. use all reasonable endeavours to ensure that any contracts entered into after the date of the Closing Date are, made on arms' length terms and: (a) do not contain: (i) any restriction on charging or assigning its right, title, interest and benefit to those contracts to the Borrower Security Trustee; or (ii) any provision permitting the counterparty to terminate, or which results in the automatic termination of, the relevant agreement, in either case upon the appointment of a Receiver or administrator in respect of the relevant Borrower; oror Back to Contents (b) where such contracts do not comply with paragraph (a) above, use reasonable endeavours to obtain the consent of the relevant party where required, or, where such contract is entered into in replacement of an existing or expired contract, procure that such new contract does not contain terms in respect of termination on the appointment of a Receiver or administrator in respect of such Borrower that are more onerous than the terms of the prior contract;