Common use of Effect of Bankruptcy Clause in Contracts

Effect of Bankruptcy. Any account or security held by Bank or ISO will not be subject to any preference, claim or stay by reason of bankruptcy or similar law. The parties expressly agree that the acquisition of Card Transactions hereunder is a financial accommodation and if Xxxxxxxx becomes a debtor in any bankruptcy or similar proceeding, this Agreement may not be assumed or enforced by any other person and Settlor will be excused from performance hereunder.

Effect of Bankruptcy. Any account or security held by Bank or ISO will not be subject to any preference, claim or stay by reason of bankruptcy or similar law. The parties expressly agree that the acquisition of Card Transactions hereunder is a financial accommodation and if Xxxxxxxx becomes a debtor in any bankruptcy or similar proceeding, this Agreement may not be assumed or enforced by any other person and Settlor Bank will be excused from performance hereunder.

Effect of Bankruptcy. Any account or security held by Bank or ISO will not be subject to any preference, claim or stay by reason of bankruptcy or similar law. The parties expressly agree that the acquisition of Card Transactions hereunder is a financial accommodation and if Xxxxxxxx Merchant becomes a debtor in any bankruptcy or similar proceeding, this Agreement may not be assumed or enforced by any other person and Settlor will be excused from performance hereunder.

Effect of Bankruptcy. Any account or security held by Bank or ISO will not be subject to any preference, claim or stay by reason of bankruptcy or similar law. The parties expressly agree that the acquisition of Card Transactions hereunder is a financial accommodation and if Xxxxxxxx Merchant becomes a debtor in any bankruptcy or similar proceeding, this Agreement may not be assumed or enforced by any other person and Settlor Bank will be excused from performance hereunder.