Common use of Avoidance of Payments Clause in Contracts

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. 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 Indenture Trustee on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Collateral Agent Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee as and by way of security for the payment to the Collateral Agent Indenture Trustee of all or any sums which are now or may become due and owing to the Collateral Agent Indenture Trustee under the Indentures, the Letter of Credit Reimbursement Agreement, the Intercreditor Agreement Indenture and the rest of the Security AgreementsDocuments.

Avoidance of Payments. 25.1 No assurance, security or payment which may be avoided under any enactment law relating to bankruptcy, bankruptcy or insolvency or winding up and no release, settlement or discharge given or made by the Collateral Agent Bank on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Collateral Agent Bank to enforce the security created by or pursuant this Assignment to this Debenture in respect of the full extent of the moneys thereby securedhereby 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. The Collateral Agent 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 Obligations Secured Obligation for a period of seven months in the case of fixed security and thirteen months in the case of floating security after the Obligations Secured Obligation shall purportedly have been paid in full, notwithstanding any release, settlement, discharge or arrangement given or made by the Collateral Agent on Bank on, or as a consequence of, such termination of liability. If liability and, 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 (or equivalent) shall be presented to a competent court for an order for the winding bankruptcy and/or winding-up (or equivalent) of the Owner or Assignor (as the Owner shall commence to be wound up voluntarilycase may be), the Collateral Agent 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 Collateral Agent Bank in its absolute discretion shall determine. The Owner determine and the Borrower agrees that such security shall be deemed to have been and to have remained held by the Collateral Agent Bank 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 discharge of the Security AgreementsSecured Obligation.

Avoidance of Payments. No assurance, security or payment which may be avoided under any enactment law relating to bankruptcybankruptcy 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 Collateral Agent Security Trustee on the faith of any such assurance, security or payment, shall prejudice or affect the right [Group Share Mortgage] of the Collateral Agent Security Trustee to enforce the security created by or pursuant to this Debenture Deed in respect of the full extent of the moneys thereby hereby secured. The Collateral Agent It is further agreed that (to the extent that the Security Trustee is of the opinion that there is a reasonable prospect of any assurance, security or payment being avoided as aforesaid) the Security Trustee shall be at liberty at its absolute discretion to retain any of the security so created Collateral as security for the Obligations Secured Amounts for a period of seven months in the case of fixed security and thirteen months in the case of floating security after the Obligations Secured Amounts shall have been paid in full, notwithstanding any release, settlement, discharge or arrangement given or made by the Collateral Agent on Security Trustee on, or as a consequence of, such termination of liability. If liability and, 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 (or equivalent) shall be presented to a competent court for an order for the bankruptcy or winding up (or equivalent) of the Owner any Mortgagor, or the Owner any Mortgagor shall be declared a bankrupt or commence to be wound up voluntarilyvoluntarily (or equivalent), the Collateral Agent Security Trustee shall be at liberty, notwithstanding as aforementionedthe same, to continue to retain such security Collateral or any part thereof for and during such further period as the Collateral Agent Security Trustee in its absolute discretion shall determine. The Owner agrees determine and each Mortgagor agree that such security shall be deemed to have been and to have remained held by the Collateral Agent Security Trustee 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 discharge of the Security AgreementsSecured Amounts.

Avoidance of Payments. 26.1 No assurance, security or payment which may be avoided under any enactment law relating to bankruptcy, bankruptcy or insolvency or winding up and no release, settlement or discharge given or made by the Collateral Agent Bank on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Collateral Agent Bank to enforce the security created by or pursuant to this Debenture Assignment in respect of the full extent of the moneys thereby securedhereby secured or to recover from the Assignor to the full extent of the Secured Obligation as if such assurance, security, payment, recourse, settlement or discharge had never been granted, given or made. The Collateral Agent 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. 26.2 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 Obligations Secured Obligation for a period of seven months in the case of fixed security and thirteen months in the case of floating security after the Obligations Secured Obligation shall purportedly have been paid in full, notwithstanding any release, settlement, discharge or arrangement given or made by the Collateral Agent on Bank on, or as a consequence of, such termination of liability. If liability and, 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 (or equivalent) shall be presented to a competent court for an order for the winding bankruptcy and/or winding-up (or equivalent) of the Owner or Assignor (as the Owner shall commence to be wound up voluntarilycase may be), the Collateral Agent 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 Collateral Agent Bank in its absolute discretion shall determine. The Owner determine and the Assignor agrees that such security shall be deemed to have been and to have remained held by the Collateral Agent Bank 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 discharge of the Security AgreementsSecured Obligation.

Avoidance of Payments. No assurance, security or payment which may be avoided under any enactment law relating to bankruptcy, insolvency or winding-up (including Sections 238, 239, 244 or 245 of the Insolvency Act 1986), and no release, settlement or discharge given or made by the Collateral Agent Bank on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Collateral Agent Bank to enforce the security created by or pursuant to this Debenture in respect of Deed to the full extent of the moneys thereby securedSecured Obligations. The Collateral Agent shall be at liberty at Except in respect of the refinancing of the Secured Obligations by a third party financier as a result of which the Secured Obligations are repaid in full (but not in part only) to the Bank, the Bank may in its absolute discretion to retain the security so created as security for the Obligations for a period of seven months in two Business Days plus such statutory period within which any security or payment given or made pursuant to this Deed can be avoided or invalidated after all facilities from time to time made available to the case of fixed security Mortgagor by the Bank shall have ceased to be available and thirteen months in the case of floating security after the Secured Obligations shall have been paid in full, notwithstanding any release, settlement, discharge or arrangement given or made by the Collateral Agent on Bank on, or as a consequence of, such termination of liability. If at any time within the such 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 bankruptcy, insolvency or winding-up of the Owner or the Owner Mortgagor shall commence to be wound up voluntarily, the Collateral Agent or an application for an administration order shall be at libertymade to a competent court in respect of the Mortgagor, the Bank may, notwithstanding as aforementioned, to continue to retain such security or any part thereof for far and during such further period as the Collateral Agent Bank in its absolute discretion shall determine. The Owner Mortgagor agrees that such security shall be deemed to have been and to have remained held by the Collateral Agent Bank 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 Agreementssecurity.