Common use of Payments Avoided Clause in Contracts

Payments Avoided. If an amount paid to any Secured Creditor under any Bond Document is capable of being avoided or otherwise set aside on the liquidation, administration, winding-up or other similar proceedings in the jurisdiction of the person by whom such payment was made, then such amount shall not be considered to have been finally and irrevocably paid for the purposes hereof.

Appears in 17 contracts

Samples: Security and Security Trust Agreement, Security and Security Trust Agreement, Security and Security Trust Agreement

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