Common use of Amounts Avoided Clause in Contracts

Amounts Avoided. (a) If any payment by the Chargor or any discharge, arrangement or release given by a Secured Party (whether in respect of the obligations of any Debtor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: (i) the liability of the Chargor and the relevant security shall continue as if the payment, discharge, release, avoidance or reduction had not occurred; and (ii) the relevant Secured Party shall be entitled to recover the value or amount of that security or payment from the Chargor, as if the payment, discharge, avoidance or reduction had not occurred. (b) The Security Agent may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration.

Amounts Avoided. (a) If any payment by the a Chargor or any discharge, arrangement or release given by a Secured Party (whether in respect of the obligations of any Debtor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: (i) the liability of the that Chargor and the relevant security shall continue as if the payment, discharge, release, avoidance or reduction had not occurred; and (ii) the relevant Secured Party shall be entitled to recover the value or amount of that security or payment from the that Chargor, as if the payment, discharge, avoidance or reduction had not occurred. (b) The Security Agent may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration.