Common use of Preference Amounts Clause in Contracts

Preference Amounts. With respect to any Preference Amount (as defined in the Surety Bond), the Servicer shall provide to the Surety upon the request of the Surety: (i) a certified copy of the final nonappealbable order of a court having competent jurisdiction ordering the recovery by a trustee in bankruptcy as voidable preference amounts included in previous payments to any Insured Party pursuant to the United States Bankruptcy Code; (ii) an opinion of counsel satisfactory to the Surety, and upon which the Surety shall be entitled to rely, stating that such order is final and is not subject to appeal; (iii) an assignment in such form as reasonably required by the Surety, irrevocably assigning to the surety all rights and claims of the Servicer, the Collateral Agent and any Insured party relating to or arising under the Transaction Documents against the debtor which made such preference payment or otherwise with respect to such preference amount; and (iv) appropriate instruments to effect (when executed by the affected party) the appointment of the Surety as agent for the Collateral Agent and any Insured Party in any legal proceeding relating to such preference payment being in a form satisfactory to the Surety.

Preference Amounts. With respect to any Preference Amount (as defined in In the Surety Bond), the Servicer shall provide to the Surety upon the request of the Surety: (i) a certified copy of the final nonappealbable nonappealable order of a court having competent jurisdiction ordering the recovery by a trustee in bankruptcy as voidable preference amounts included in previous payments to any Insured Party pursuant to the United States Bankruptcy Code; (ii) an opinion of counsel satisfactory to the Surety, and upon which the Surety shall be entitled to rely, stating that such order is final and is not subject to appeal; (iii) an assignment in such form as reasonably required by the Surety, irrevocably assigning to the surety Surety all rights and claims of the Servicer, the Collateral Agent and any Insured party Party relating to or arising under the Transaction Documents against the debtor which made such preference payment or otherwise with respect to such preference amount; and (iv) appropriate instruments to effect (when executed by the affected party) the appointment of the Surety as agent for the Collateral Agent and any Insured Party in any legal proceeding relating to such preference payment being in a form satisfactory to the Surety.