Common use of Recovery of Avoided Payments Clause in Contracts

Recovery of Avoided Payments. If any amount applied by Lender to the Guaranteed Obligations is subsequently challenged by a bankruptcy trustee or debtor-in-possession as an avoidable transfer on the grounds that the payment constituted a preferential payment or a fraudulent conveyance under state law or the Bankruptcy Code or any successor statute thereto or on any other grounds, Lender may, at its option and in its sole discretion, elect whether to contest such challenge. If Lender contests the avoidance action, all costs of the proceeding, including Lender's attorneys fees, will become part of the Guaranteed Obligations. If the contested amount is successfully avoided, the avoided amount will become part of the Guaranteed Obligations hereunder. If Lender elects not to contest the avoidance action, Lender may tender the amount subject to the avoidance action to the bankruptcy court, trustee or debtor-in-possession and the amount so advanced shall become part of the Guaranteed

Recovery of Avoided Payments. If any amount applied by Lender to the Guaranteed Obligations is subsequently challenged by a bankruptcy trustee or debtor-in-possession as an avoidable transfer on the grounds that the payment constituted a preferential payment or a fraudulent conveyance under state law or the Bankruptcy Code or any successor statute thereto or on any other grounds, Lender may, at its option and in its sole discretion, elect whether to contest such challenge. If Lender contests the avoidance action, all costs of the proceeding, including Lender's attorneys fees, will become part of the Guaranteed Obligations. If the contested amount is nevertheless successfully avoided, the avoided amount will become part of the Guaranteed Obligations hereunder. If Lender elects not to contest the avoidance action, Lender may tender the amount subject to the avoidance action to the bankruptcy court, trustee or debtor-in-possession and the amount so advanced shall become part of the GuaranteedObligations hereunder. Guarantor's obligation to reimburse Lender for amounts due under this paragraph shall survive the purported cancellation hereof except as otherwise provided above.

Recovery of Avoided Payments. If any amount applied by Lender to the Guaranteed Obligations is subsequently challenged by a k bankruptcy trustee or debtor-in-possession as an avoidable transfer on the grounds that the payment constituted a preferential payment or a fraudulent conveyance under state State law or the Bankruptcy Code or any successor statute thereto or on any other grounds, Lender may, at its option and in its sole discretion, elect whether to contest such challenge. If Lender contests the avoidance action, all costs of the proceeding, including Lender's attorneys fees, will become part of the Guaranteed Obligations. If the contested amount is nevertheless successfully avoided, the avoided amount will become part of the Guaranteed Obligations hereunder. If Lender elects not to contest the avoidance action, Lender may tender the amount subject to the avoidance action to the bankruptcy court, trustee or debtor-in-possession and the amount so advanced shall become part of the GuaranteedObligations hereunder Guarantor's obligation to reimburse Lender for amounts due under this paragraph shall survive the purported cancellation hereof except as otherwise provided above.

Recovery of Avoided Payments. If any amount applied by Lender the Authority to the Guaranteed Obligations is subsequently challenged by a bankruptcy trustee or trustee, debtor-in-in- possession or other party as an avoidable transfer on the grounds that the payment constituted a preferential payment or a fraudulent conveyance under state law or the Bankruptcy Code or any successor statute thereto or on any other grounds, Lender the Authority may, at its option and in its sole discretion, elect whether to contest such challenge. If Lender the Authority contests the avoidance action, all costs of the proceeding, including Lenderthe fees and expenses of the Authority's attorneys feesattorneys, will become part of the Guaranteed Obligations. If the contested amount is nevertheless successfully avoided, the avoided amount will become part of the Guaranteed Obligations hereunder. If Lender the Authority elects not to contest the avoidance action, Lender the Authority may tender the amount subject to the avoidance action to the bankruptcy court, trustee or debtor-in-possession and the amount so advanced shall become part of the GuaranteedObligations hereunder.

Recovery of Avoided Payments. If any amount applied by Lender to the Guaranteed Obligations is subsequently challenged by a bankruptcy trustee or debtor-in-possession as an avoidable transfer on the grounds that the payment constituted a preferential payment or a fraudulent conveyance under state State law or the Bankruptcy Code or any successor statute thereto or on any other grounds, Lender may, at its option and in its sole discretion, elect whether to contest such challenge. If Lender contests the avoidance action, all costs of the proceeding, including Lender's attorneys fees, will become part of the Guaranteed Obligations. If the contested amount is nevertheless successfully avoided, the avoided amount will become part of the Guaranteed Obligations hereunder. If Lender elects not to contest the avoidance action, Lender may tender the amount subject to the avoidance action to the bankruptcy court, trustee or debtor-in-possession and the amount so advanced shall become part of the GuaranteedObligations hereunder. Guarantor's obligation to reimburse Lender for amounts due under this paragraph shall survive the purported cancellation hereof except as otherwise provided above.

Recovery of Avoided Payments. If any amount applied by Lender the Authority to the Guaranteed Obligations is subsequently challenged by a bankruptcy trustee or trustee, debtor-in-possession or other party as an avoidable transfer on the grounds that the payment constituted a preferential payment or a fraudulent conveyance under state law or the Bankruptcy Code or any successor statute thereto or on any other grounds, Lender the Authority may, at its option and in its sole discretion, elect whether to contest such challenge. If Lender the Authority contests the avoidance action, all costs of the proceeding, including Lenderthe fees and expenses of the Authority's attorneys feesattorneys, will become part of the Guaranteed Obligations. If the contested amount is nevertheless successfully avoided, the avoided amount will become part of the Guaranteed Obligations hereunder. If Lender the Authority elects not to contest the avoidance action, Lender the Authority may tender the amount subject to the avoidance action to the bankruptcy court, trustee or debtor-in-possession and the amount so advanced shall become part of the GuaranteedObligations hereunder.