Common use of Avoidance of Payments Clause in Contracts

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.

Avoidance of Payments. 25.1 No 17.1 Any release, discharge or settlement between the Customer and the Bank in relation to this Agreement shall be conditional upon no right, security, disposition or payment to the Bank by the Customer or any Security Party or any other person being void, set aside or ordered to be refunded pursuant to any applicable laws relating to any breach of duty by any person or insolvency, bankruptcy, liquidation, administration, protection from creditors generally or insolvency or for any other reason. If any such right, security, disposition or payment to the Bank is void or at any time set aside or ordered to be refunded, the Bank will be entitled subsequently to enforce this Agreement against the Customer as if such release, discharge or settlement had not occurred and any such security, disposition or payment had not been made. 17.2 The Bank's rights to recover and receive from the Customer and/or the Security Party the whole of the Indebtedness shall not be affected in any way whatsoever:- (a) by any assurance, security or payment which may be avoided under any law relating to bankruptcy insolvency, bankruptcy, winding-up, liquidation, administration, protection from creditors or insolvency or winding up and no for any other reason; and (b) by any release, settlement or discharge given or made by the Bank on the faith basis 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 any such release, settlement or discharge shall be deemed taken to be have been made subject to on the condition that it will be void, void if any payment or security Security which the Bank may previously have received or may thereafter receive from any person in respect of the Secured Obligation Indebtedness under this Agreement or any of the Security Documents is rendered void, set aside under any applicable law or proves to have been aside, held invalid for any reason. 25.2 It is further agreed that (reason whatsoever or ordered to the extent that be refunded pursuant to any applicable laws. If any of such events occurs, the Bank is of entitled to enforce this Agreement and the opinion that there is a reasonable prospect of any assurance, security or payment being avoided Security Documents against the Customer and the Security Party 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 if such release, settlement, discharge or arrangement given settlement had not occurred and any such security, disposition 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 payment had not been and to have remained held by the Bank as and by way of security for the payment and discharge of the Secured Obligationmade.

Avoidance of Payments. 25.1 14.1 The Borrower acknowledges and agrees that its entry into this Assignment is intended to enable the Borrower to continue using banking facilities made available to the Borrower by the Bank and Borrower does not have and is not influenced by any desire to put the Bank into a position which in the event of the Borrower's insolvency will be better than the position the Bank would have been in if this Assignment had not been executed. 14.2 No assurance, security or payment which may be avoided under any law relating to bankruptcy or insolvency or winding up under the Companies Act (Cap. 50), or under any similar law of any relevant jurisdiction relating to undue or fraudulent preference or any statutory modification or re-enactment thereof, 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 constituted by this Assignment in respect of the full extent of the moneys hereby thereby secured or to recover from the Assignor Borrower to the full extent of the Secured Obligation Total Indebtedness as if such assurance, security, payment, release, assurance security payment release settlement or discharge (as the case may be) 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, void if any payment or security which the Bank may previously have received or may thereafter receive from any person in respect of the Secured Obligation Total Indebtedness is set aside under any applicable law or proves to have been invalid for any reason. 25.2 reason invalid. 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 Total Indebtedness for a period of seven months after the Secured Obligation Total Indebtedness 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)Borrower, 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 ObligationTotal Indebtedness.

Avoidance of Payments. 25.1 No 20.1 Any release, discharge or settlement between the Borrower and the Bank in relation to this Agreement shall be conditional upon no right, security, disposition or payment to the Bank by the Borrower or any Security Party or any other person being void, set aside or ordered to be refunded pursuant to any applicable laws relating to any breach of duty by any person or insolvency, bankruptcy, liquidation, administration, protection from creditors generally or insolvency or for any other reason. If any such right, security, disposition or payment to the Bank is void or at any time set aside or ordered to be refunded, the Bank will be entitled subsequently to enforce this Agreement against the Borrower as if such release, discharge or settlement had not occurred and any such security, disposition or payment had not been made 20.2 The Bank's rights to recover and receive from the Borrower and/or the Security Party the whole of the Indebtedness shall not be affected in any way whatsoever:- 20.2.1 by any assurance, security or payment which may be avoided under any law relating to bankruptcy insolvency, bankruptcy, winding-up, liquidation, administration, protection from creditors or insolvency or winding up and no for any other reason; and 20.2.2 by any release, settlement or discharge given or made by the Bank on the faith basis 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 any such release, settlement or discharge shall be deemed taken to be have been made subject to on the condition that it will be void, void if any payment or security Security which the Bank may previously have received or may thereafter receive from any person in respect of the Secured Obligation Indebtedness under this Agreement or any of the Security Documents is rendered void, set aside under any applicable law or proves to have been aside, held invalid for any reason. 25.2 It is further agreed that (reason whatsoever or ordered to the extent that be refunded pursuant to any applicable laws. If any of such events occurs, the Bank is of entitled to enforce this Agreement and the opinion that there is a reasonable prospect of any assurance, security or payment being avoided Security Documents against the Borrower and the Security Party 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 if such release, settlement, discharge or arrangement given settlement had not occurred and any such security, disposition 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 payment had not been and to have remained held by the Bank as and by way of security for the payment and discharge of the Secured Obligationmade.

Avoidance of Payments. 25.1 29.1 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 to 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 29.2 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.

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 Debt 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 Debt 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 Debt for a period of seven months after the Secured Obligation Debt 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 Assignor 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 ObligationDebt.

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 Assignor 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.