Void or voidable transactions Sample Clauses

Void or voidable transactions. Without limiting Section 2.12, if under any Debtor Relief Law any Person claims that a transaction (including a payment) under or in connection with this Guaranty or the Guaranteed Obligations is (whether such claim is asserted by any third party or by any Borrower or any other Loan Party) void or voidable, and such claim is upheld, conceded or compromised, then notwithstanding Section 2.02: (a) the Lender is immediately entitled as against the Guarantor to the rights in respect of the Guaranteed Obligations to which it was entitled immediately before the transaction; and (b) the Guarantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such instruments and documents and take all such actions as the Lender may request to restore to the Lender any Encumbrance (including this Guaranty) held by it from the Guarantor immediately before the transaction. The Guarantor’s obligations under this Section are continuing obligations, independent of the Guarantor’s other debts, liabilities, obligations, covenants and duties under this Guaranty and shall survive any termination of this Guaranty.

Void or voidable transactions. If there is upheld, conceded or compromised any claim that a transaction in any way affecting or relating to the Obligations or the Securities is void, voidable, unenforceable or irrecoverable the following provisions apply: (a) (Restoration of Obligations): if as a result of or in connection with entering into the transaction the Obligations have been reduced in any way, then upon such claim being upheld, conceded or compromised, each Agent and each Bank will be entitled against each Guarantor to all such rights as it would have had if the transaction or so much thereof as is held or conceded to be void or voidable or is foregone on compromise had not taken place; (b) (Restoration of Security): if as a result of or in connection with entering into the transaction, or if as a result of the transaction being held or conceded to be void or unenforceable, a Bank's rights under any Security have been surrendered, cancelled or reduced in any way, then upon such claim being upheld, conceded or compromised, each Guarantor will take all steps and sign all such documents as may be necessary or convenient to restore those rights or equivalent rights to the Bank; and (c) (Costs and expenses): the Guarantors will pay to each Agent and each Bank all costs and expenses (including legal costs and expenses as between solicitor and own client) incurred by each Agent and each Bank in or in connection with any negotiations or proceedings relating to any such claims.

Void or voidable transactions. If: (a) the Principal has at any time released or discharged: (i) the Guarantor from its obligations under this Deed; or (ii) any assets of the Guarantor from a Security, in either case in reliance on a payment, receipt or other transaction to or in favour of the Principal; or (b) any payment or other transaction to or in favour of the Principal has the effect of releasing or discharging: (i) the Guarantor from its obligations under this Deed; or (ii) any assets of the Guarantor from a Security; and (c) that payment, receipt or other transaction is subsequently claimed by any person to be void, voidable or capable of being set aside for any reason, including under an Insolvency Provision or under the general law; and (d) that claim is upheld or is conceded or compromised by the Principal, then: (e) (Restitution of rights): the Principal will immediately become entitled against the Guarantor to all rights (including under any Security) as it had immediately before that release or discharge; (f) (Restore Principal’s position): the Guarantor must immediately do all things and execute all documents as the Principal may reasonably require to restore to the Principal all those rights; and (g) (Indemnity): the Guarantor must indemnify the Principal against costs, losses and expenses suffered or incurred by the Principal in or in connection with any negotiations or proceedings relating to the claim or as a result of the upholding, concession or compromise of the claim.

Void or voidable transactions. If: (a) a Financier has at any time released or discharged: (i) the Guarantor from its obligations under this Deed or any collateral Security executed by the Guarantor; or (ii) any assets of the Guarantor from a Collateral Security, in either case in reliance on a payment, receipt or other transaction to or in favour of the Financier;

Void or voidable transactions. If any claim is upheld, conceded or compromised such that a transaction affecting in any way the Obligations is void or voidable under any law relating to bankruptcy, insolvency or liquidation:

Void or voidable transactions. No con­tract or other transaction between this Corporation and one or more of its directors, or between this Corporation and any other corporation, firm, association or other entity in which one or more of its directors are directors or offi­cers, or are financially interested, shall be either void or voidable for this reason alone or by reason alone that such director or directors are present at the meeting of the Board of Directors which approves such contract or transaction, or that his or their votes are counted for such purpose, provided that (a) the fact of such common directorship, officership or financial interest is disclosed or known to the Board of Directors, and the Board ap­proves such contract or transaction by a vote suf­ficient for such purpose without counting the vote or votes of the interested director or directors; (b) such common directorship, officership or financial interest is disclosed or known to the shareholders entitled to vote thereon, and such contract or transaction is approved by vote of the shareholders; or (c) the contract or transaction is fair and reasonable as to the Corporation at the time it is approved by the Board of Directors or the shareholders.

Void or voidable transactions. If a claim is made that any payment, receipt or other transaction to or in favour of the Beneficiaries is void, voidable or capable of being set aside under any Insolvency Provision or for any other reasons and that claim is upheld, conceded or compromised, then: (a) the Beneficiaries will immediately become entitled as against the Guarantor to all the rights in respect of the Obligations to which it would have been entitled had the payment, receipt or other transaction not occurred; and (b) the Guarantor must immediately do all things and execute all documents as the Beneficiaries may reasonably require to resolve those rights.

Void or voidable transactions. If a claim that a payment or transfer to the State under the Licence, Related Agreement, a Linked Jackpot Arrangement Agreement or this document is void or voidable (including a claim under laws relating to liquidation, administration, insolvency or protection of creditors) is upheld, conceded or compromised, then the State is entitled immediately as against the Guarantor to the rights to which it would have been entitled under this document as if the payment or transfer has not occurred.

Void or voidable transactions. If any claim is upheld, conceded or compromised such that a transaction affecting in any way the Obligations is void or voidable under any law relating to bankruptcy, insolvency or liquidation: (a) (RESTITUTION OF RIGHTS): the Beneficiary shall forthwith upon such claim being upheld, conceded or compromised become entitled against the Guarantor to all such rights in respect of the Obligations as it would have had if the transaction or so much thereof as is held or conceded to be void or voidable or is foregone on compromise had not taken place; (b) (RESTORE BENEFICIARY'S POSITION): the Guarantor shall upon such claim being upheld, conceded or compromised take all steps and sign all such documents as may be necessary or convenient to restore to the Beneficiary any Security held by it from the Guarantor immediately prior to such transaction;

Void or voidable transactions. If there is upheld, conceded or compromised any claim that a transaction in any way affecting or relating to the Obligations or the Securities is void, voidable, unenforceable or irrecoverable the following provisions apply: (a) (Restoration of Obligations): if as a result of or in connection with entering into the transaction the Obligations have been reduced in any way, then upon such claim being upheld, conceded or compromised, the Agent and each Bank will be entitled against each Guarantor to all such rights as it would have had if the transaction or so much thereof as is held or conceded to be void or voidable or is foregone on compromise had not taken place;