Common use of Preferential Payments Clause in Contracts

Preferential Payments. In the event of the appointment of a receiver, administrator or liquidator of the Customer, if either the Bank or the Lender receives any preferential payment arising from the rules of Insolvency that preferential payment shall not be treated as reducing the Bank’s [Priority/Sharing Limit] nor the Lender’s [Priority/Sharing Limit], as the case may be. Unless independent action is considered necessary by either of the Parties to protect their security interests, the Bank and the Lender will:

Preferential Payments. In the event of the appointment of a receiver, administrator or liquidator of the Customer, if either the Bank or the Lender receives any preferential payment arising from the rules of Insolvency that preferential payment shall not be treated as reducing the Bank’s [Priority/Sharing Limit] nor the Lender’s [Priority/Sharing Limit], as the case may be. Unless independent action is considered necessary by either of the Parties Creditors to protect their security interests, the Bank and the Lender will:

Preferential Payments. In the event of the appointment of a receiver, administrator or liquidator of the Customer, if either the Bank any Creditor or the Lender Secured Party receives any preferential payment arising from the rules of Insolvency that preferential payment shall not be treated as reducing the BankSecurity Agent’s [Priority/Sharing Limit] nor the Lender’s [Priority/Sharing Limit], as the case may be. Unless independent action is considered necessary by either of the Parties Creditors to protect their security interests, the Bank Security Agent and the Lender will: