Common use of Avoidance of Payments Clause in Contracts

Avoidance of Payments. No assurance, security or payment which may be avoided under any law relating to bankruptcy or insolvency or under Section 329 or 330 of the Companies Act (Cap 50), and no release, settlement or discharge given or made by the Mortgagee on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Mortgagee to enforce the security created by this Assignment in respect of the full extent of the moneys thereby secured. Any such release, settlement or discharge shall be deemed to be made subject to the condition that it will be void, if any payment or security which the Mortgagee may previously have received or may thereafter receive from any person in respect of the moneys hereinbefore covenanted to be paid or hereby secured or with which the Assigned Property stands charged, is set aside under any applicable law or proves to have been for any reason invalid.

Avoidance of Payments. No assurance, security or payment which may be avoided under any law relating to bankruptcy or insolvency or under Section 329 or 330 of the Companies Act (Cap Cap. 50), and no release, settlement or discharge given or made by the Mortgagee Assignee on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Mortgagee Assignee to enforce the security created by this Assignment in respect of the full extent of the moneys thereby hereby secured. Any such release, settlement or discharge shall be deemed to be made subject to the condition that it will be void, if any payment or security which the Mortgagee Assignee may previously have received or may thereafter receive from any person in respect of the moneys hereinbefore covenanted to be paid or hereby secured or with which the Assigned Property stands chargedTotal Indebtedness, is set aside under any applicable law or proves to have been for any reason invalid.

Avoidance of Payments. No assurance, security or payment which may be avoided under any law relating to bankruptcy or insolvency or under Section 329 or 330 of the Companies Insolvency, Restructuring and Dissolution Act (Cap 50)2018, and no release, settlement or discharge given or made by the Mortgagee on the faith of any such assurance, security or payment, shall prejudice or affect the right of the Mortgagee to enforce the security created by this Assignment in respect of the full extent of the moneys thereby secured. Any such release, settlement or discharge shall be deemed to be made subject to the condition that it will be void, if any payment or security which the Mortgagee may previously have received or may thereafter receive from any person in respect of the moneys hereinbefore covenanted to be paid or hereby secured or with which the Assigned Property stands charged, is set aside under any applicable law or proves to have been for any reason invalid.