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 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.

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 to 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.

Avoidance of Payments. 25.1 26.1 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 to 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, releaserecourse, 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.

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 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.

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 to 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 Indebtedness 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 Indebtedness is set aside under any applicable law or proves to have been invalid for any reason.