Voided Payments Clause Samples

Voided Payments. To the extent that the Borrower makes any payment on the Senior Obligations which is subsequently invalidated, declared to be fraudulent, avoidable or preferential, set aside or is required to be repaid to a trustee, receiver, the estate of the Borrower or any other party under any bankruptcy act, state or federal law, common law or equitable cause (such payment being hereinafter referred to as a "Voided Payment"), then to the extent of such Voided Payment that portion of the Senior Obligations which had been previously satisfied by such Voided Payment shall be revived and continue in full force and effect as if such Voided Payment had never been made. In the event that a Voided Payment is sought to be recovered from any of the Senior Credit Parties, an "Event of Default" hereunder shall be deemed to have occurred and to be continuing from the date of such recovery from such Senior Credit Party of such Voided Payment until the full amount of such Voided Payment is fully and finally restored to such Senior Credit Party and until such time the provisions of this Section 2.15 shall be in full force and effect.

Voided Payments. To the extent that Agent receives any payment on behalf of the Obligations which, within twelve (12) months of the date of such payment, is subsequently invalidated, declared to be fraudulent, avoidable or preferential, set aside or is required to be repaid to a trustee, receiver, the estate of Borrower or any other party under any bankruptcy act, state or Federal law, common law or equitable cause (such payment being hereinafter referred to as a "Voided Payment"), then to the extent of such Voided Payment that portion of the Obligations which had been previously satisfied by such Voided Payment shall be revived and continue in full force and effect as if such Voided Payment had never been made.

Voided Payments. To the extent that any Senior Creditor receives any payment on behalf of the Senior Debt which, within twelve (12) months of the date of such payment, is subsequently invalidated, declared to be fraudulent, avoidable or preferential, set aside or is required to be repaid to a trustee, receiver, the estate of Borrower or any other party under any bankruptcy act, state or Federal law, common law or equitable cause (such payment being hereinafter referred to as a "Voided Payment"), then to the extent of such Voided Payment that portion of the Senior Debt which had been previously satisfied by such Voided Payment shall be revived and continue in full force and effect as if such Voided Payment had never been made, and the obligations of Junior Creditors under this Agreement shall continue to be effective, or be reinstated, as the case may be, all as though such Voided Payment had never been made.

Voided Payments. To the extent that the Company makes any payment on the First Lien Obligations which is subsequently invalidated, declared to be fraudulent or preferential, set aside or is required to be repaid to a trustee, receiver or any other party under any proceeding under the Bankruptcy Code or otherwise (such payment being hereinafter referred to as a “Voided Payment”) then, to the extent of such Voided Payment, that portion of the First Lien Obligations which had previously been satisfied by such Voided Payment shall be revived and continue in full force and effect as if such Voided Payment had never been made and, until the full amount of such Voided Payment is fully and finally restored to First Lien Creditor, the provisions of this Section 1 shall continue to be in full force and effect.

Voided Payments. To the extent that the Company or any of its Subsidiaries or any guarantor of or provider of collateral for the Senior Indebtedness makes any payment on the Senior Indebtedness that is subsequently invalidated, declared to be fraudulent or preferential or set aside or is required to be repaid to a trustee, receiver or any other party under any bankruptcy, insolvency or reorganization act, state or federal law, common law or equitable cause (such payment being hereinafter referred to as a “Voided Payment”), then to the extent of such Voided Payment, that portion of the Senior Indebtedness that had been previously satisfied by such Voided Payment shall be revived and continue in full force and effect as if such Voided Payment had never been made. To the extent that any Holder of the Subordinated Indebtedness has received any payments with respect to the Subordinated Indebtedness subsequent to the date of initial receipt by the holders of Senior Indebtedness of such Voided Payment and such payments have not been invalidated, declared to be fraudulent or preferential or set aside or are required to be repaid to a trustee, receiver, or any other party under any bankruptcy act, state or federal law, common law or equitable cause, each Holder of the Subordinated Indebtedness shall be obligated and hereby agrees that any such payment so made or received shall be deemed to have been received in trust for the benefit of the holders of Senior Indebtedness, and each Holder of the Subordinated Indebtedness shall pay to holders of the Senior Indebtedness upon demand, the full amount so received by the Holder of the Subordinated Indebtedness during such period of time to the extent necessary fully to restore to holders of the Senior Indebtedness the amount of such Voided Payment.