Common use of Avoidance of security or payment Clause in Contracts

Avoidance of security or payment. (a) If an amount paid to the Funding 1 Security Trustee or any of the other Funding 1 Secured Creditors under a Funding 1 Agreement is capable of being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency or liquidation for the time being in force or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes of this Deed. (b) Any settlement, discharge or release between Funding 1 and the Funding 1 Security Trustee (or any Receiver) will be conditional upon no security or payment granted or made to the Funding 1 Security Trustee (or any Receiver, as the case may be) by Funding 1 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. (c) If any security or payment is avoided or reduced in the circumstances described in paragraph (a) above, then the Funding 1 Security Trustee (or any Receiver, as the case may be) will be entitled to recover the value or amount of such security or payment from Funding 1 as if the relevant settlement, discharge or release had not occurred.

Avoidance of security or payment. (a) If an amount paid to the Funding 1 Issuer Security Trustee Trustee, the Noteholders or any of the other Funding 1 Issuer Secured Creditors under a Funding 1 Agreement an Issuer Transaction Document is capable of being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency or liquidation for the time being in force or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes of this Deed. (b) Any settlement, discharge or release between Funding 1 the Issuer and the Funding 1 Issuer Security Trustee (or any Receiver) will be conditional upon no security or payment granted or made to the Funding 1 Issuer Security Trustee (or any Receiver, as the case may be) by Funding 1 the 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. (c) If any security or payment is avoided or reduced in the circumstances described in paragraph (a) above, then the Funding 1 Issuer Security Trustee (or any Receiver, as the case may be) will be entitled to recover the value or amount of such security or payment from Funding 1 the Issuer as if the relevant settlement, discharge or release had not occurred.

Avoidance of security or payment. (a) If an amount paid to the Funding 1 Issuer Security Trustee Trustee, the Noteholders or any of the other Funding 1 Issuer Secured Creditors under a Funding 1 Agreement an Issuer Transaction Document is capable of being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency or liquidation for the time being in force or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes of this Deed. (b) Any settlement, discharge or release between Funding 1 the Issuer and the Funding 1 Issuer Security Trustee (or any Receiver) will be conditional upon no security or payment granted or made to the Funding 1 Issuer Security Trustee (or any Receiver, as the case may be) by Funding 1 the 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. (c) If any security or payment is avoided or reduced in the circumstances described in paragraph paragraph (a) above, then the Funding 1 Issuer Security Trustee (or any Receiver, as the case may be) will be entitled to recover the value or amount of such security or payment from Funding 1 the Issuer as if the relevant settlement, discharge or release had not occurred.

Avoidance of security or payment. (a) If an amount paid to the Funding 1 Issuer Security Trustee Trustee, the Noteholders or any of the other Funding 1 Issuer Secured Creditors under a Funding 1 Agreement Transaction Document is capable of being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency or liquidation for the time being in force or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes of this Deed. (b) Any settlement, discharge or release between Funding 1 the Issuer and the Funding 1 Issuer Security Trustee (or any Receiver) will be conditional upon no security or payment granted or made to the Funding 1 Issuer Security Trustee (or any Receiver, as the case may be) by Funding 1 the 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. (c) If any security or payment is avoided or reduced in the circumstances described in paragraph (a) above, then the Funding 1 Issuer Security Trustee (or any Receiver, as the case may be) will be entitled to recover the value or amount of such security or payment from Funding 1 the Issuer as if the relevant settlement, discharge or release had not occurred.

Avoidance of security or payment. (a) If an amount paid to the Funding 1 2 Security Trustee or any of the other Funding 1 2 Secured Creditors under a Funding 1 2 Agreement is capable of being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency or liquidation for the time being in force or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes of this Deed. (b) Any settlement, discharge or release between Funding 1 2 and the Funding 1 2 Security Trustee (or any Receiver) will be conditional upon no security or payment granted or made to the Funding 1 2 Security Trustee (or any Receiver, as the case may be) by Funding 1 2 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. (c) If any security or payment is avoided or reduced in the circumstances described in paragraph (a) above, then the Funding 1 2 Security Trustee (or any Receiver, as the case may be) will be entitled to recover the value or amount of such security or payment from Funding 1 2 as if the relevant settlement, discharge or release had not occurred.