Common use of Avoidance of Payments Clause in Contracts

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. Where any release, discharge or other arrangement in respect of any Secured Obligation or any security Lien which 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 Share Charge and the Security 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 Lien which 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 Debenture and the Security shall continue as if such release, discharge or other arrangement had not been given or made.