Avoidance of Payments. Any settlement, discharge or release between (a) the Current Issuer and (b) the Note Trustee or any Receiver (the "Relevant Person(s)") shall be conditional upon no security or payment granted or made to the Relevant Person(s) by the Current Issuer or any other person being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency or liquidation for the time being in force and, in the event of such security or payment being so avoided or reduced, the Relevant Person(s) shall be entitled to recover the value or amount of such security or payment from the Current Issuer and from the security subsequently as if such settlement, discharge or release had not occurred.
Avoidance of Payments. Where any release, discharge or other arrangement in respect of any obligation of any Borrower, or any Security held by any Finance Party therefor, is given or made in reliance on any payment or other disposition which is avoided or must be repaid (whether in whole or in part) in an insolvency, liquidation or otherwise and whether or not any Finance Party has conceded or compromised any claim that any such payment or other disposition will or should be avoided or repaid (in whole or in part), the provisions of this Clause 29 shall continue as if such release, discharge or other arrangement had not been given or made.
Avoidance of Payments. Where any release, discharge or other arrangement in respect of any Secured Obligation or any security the Collateral Agent may have for such Secured Obligation is given or made in reliance on any payment or other disposition which is avoided or must be repaid in an insolvency, liquidation or otherwise, and whether or not the Collateral Agent has conceded or compromised any claim that any such payment or other disposition will or should be avoided or repaid, this Assignment and the Security shall continue as if such release, discharge or other arrangement had not been given or made.
Avoidance of Payments. No assurance, security or payment which may be avoided under any enactment relating to bankruptcy, and no release, settlement or discharge given or made by the Collateral Agent on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Collateral Agent to enforce the security created by or pursuant to this Debenture in respect of the full extent of the moneys thereby secured. The Collateral Agent shall be at liberty at its absolute discretion to retain the security so created as security for the Obligations for a period of seven months in the case of fixed security and thirteen months in the case of floating security after the Obligations shall have been paid in full, notwithstanding any release, settlement, discharge or arrangement given or made by the Collateral Agent on or as a consequence of, such termination of liability. If at any time within the period of six months in the case of fixed security and twelve months in the case of floating security after such termination a petition shall be presented to a competent court for an order for the winding up of the Owner or the Owner shall commence to be wound up voluntarily, the Collateral Agent shall be at liberty, notwithstanding as aforementioned, to continue to retain such security or any part thereof for and during such further period as the Collateral Agent in its absolute discretion shall determine. The Owner agrees that such security shall be deemed to have been and to have remained held by the Collateral Agent as and by way of security for the payment to the Collateral Agent of all or any sums which are now or may become due and owing to the Collateral Agent under the Indentures, the Letter of Credit Reimbursement Agreement, the Intercreditor Agreement and the rest of the Security Agreements.
Avoidance of Payments. The Guarantor shall on demand indemnify the Trustee, each Noteholder and each Couponholder against any cost, loss, expense or liability sustained or incurred by it as a result of it being required for any reason (including any bankruptcy, insolvency, winding up, dissolution, or similar law of any jurisdiction) to refund all or part of any amount received or recovered by it in respect of any sum payable by the Issuer under this Trust Deed, any Note or the Receipts or Coupons relating to that Note and shall in any event pay to it on demand the amount as refunded by it.
Avoidance of Payments. (a) If any payment, conveyance, transfer or other transaction relating to or affecting the Secured Moneys is:
(1) void, voidable or unenforceable in whole or in part; or
(2) claimed to be void, voidable or unenforceable and that claim is upheld, conceded or compromised in whole or in part, the liability of each Guarantor under this clause 14 and any Power is the same as if:
(3) that payment, conveyance, transfer or transaction (or the void, voidable or unenforceable part of it); and
(4) any release, settlement or discharge made in reliance on any thing referred to in clause 14.6(a)(3), had not been made and each Guarantor must immediately take all action and sign all documents necessary or required by the Agent to restore to each Finance Party the benefit of this clause 14 and any Encumbrance held by the Finance Parties immediately before the payment, conveyance, transfer or transaction.
(b) Clause 14.6(a) applies whether or not any Finance Party knew, or ought to have known, of anything referred to in clause 14.6(a).
Avoidance of Payments. Where any release, discharge or other arrangement in respect of any Secured Obligation or any security any Secured Party may hold for such Secured Obligation is given or made in reliance on any payment or other disposition which is avoided or must be repaid in an insolvency, liquidation or otherwise, and whether or not such Secured Party has conceded or compromised any claim that any such payment or other disposition will or should be avoided or repaid, this Charge and the Security shall continue as if such release, discharge or other arrangement had not been given or made.
Avoidance of Payments. No assurance, security or payment which may be avoided under any law relating to bankruptcy or insolvency or under Section 329 or 330 of the Companies Act (Cap 50), and no release, settlement or discharge given or made by the Mortgagee on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Mortgagee to enforce the security created by this Assignment in respect of the full extent of the moneys thereby secured. Any such release, settlement or discharge shall be deemed to be made subject to the condition that it will be void, if any payment or security which the Mortgagee may previously have received or may thereafter receive from any person in respect of the moneys hereinbefore covenanted to be paid or hereby secured or with which the Assigned Property stands charged, is set aside under any applicable law or proves to have been for any reason invalid.
Avoidance of Payments. 19.1 No assurance, security or payment which may be avoided or adjusted under any applicable law, and no release, settlement or discharge given or made by the Bank or any Receiver on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Bank or any Receiver to recover from the Counterparty (including any moneys which it may be compelled by due process of law to refund pursuant to the provisions of any law relating to liquidation, bankruptcy, insolvency or creditors’ rights generally and any costs payable by it to or otherwise incurred in connection with such process) or to enforce the security created by or pursuant to this Deed of Charge to the full extent of the Secured Obligations.
Avoidance of Payments. 25.1 No assurance, security or payment which may be avoided under any law relating to bankruptcy or insolvency or winding up and no release, settlement or discharge given or made by the Bank on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Bank to enforce the security created by this Assignment in respect of the full extent of the moneys hereby secured or to recover from the Assignor to the full extent of the Secured Obligation as if such assurance, security, payment, release, settlement or discharge had never been granted, given or made. Any such release, settlement or discharge shall be deemed to be made subject to the condition that it will be void, if payment or security which the Bank may previously have received or may thereafter receive from any person in respect of the Secured Obligation is set aside under any applicable law or proves to have been invalid for any reason.
25.2 It is further agreed that (to the extent that the Bank is of the opinion that there is a reasonable prospect of any assurance, security or payment being avoided as aforesaid) the Bank shall be at liberty at its absolute discretion to retain the security so created as security for the Secured Obligation for a period of seven months after the Secured Obligation shall purportedly have been paid in full, notwithstanding any release, settlement, discharge or arrangement given or made by the Bank on, or as a consequence of, such termination of liability and, if at any time within the period of six months after such termination a petition (or equivalent) shall be presented to a competent court for an order for the bankruptcy and/or winding-up (or equivalent) of the Assignor (as the case may be), the Bank shall be at liberty, notwithstanding as aforementioned, to continue to retain such security or any part thereof for and during such further period as the Bank in its absolute discretion shall determine and the Borrower agrees that such security shall be deemed to have been and to have remained held by the Bank as and by way of security for the payment and discharge of the Secured Obligation.
