Common use of IRREVOCABLE PAYMENT Clause in Contracts

IRREVOCABLE PAYMENT. If the Facility Agent considers that an amount paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in purported payment or discharge of an obligation of that Transaction Obligor to a Secured Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Transaction Obligor or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.

IRREVOCABLE PAYMENT. If the Facility Agent considers that an amount paid or discharged by, or on behalf of, a Transaction Obligor the Borrower or by any other person in purported payment or discharge of an obligation of that Transaction Obligor the Borrower to a Secured Finance Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Transaction Obligor the Borrower or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.