Common use of Retention of Security Clause in Contracts

Retention of Security. a) Any release of this Pledge shall be null and void and without effect if any payment received by the Pledgee and applied towards satisfaction of all or part of the Secured Liabilities (i) is avoided or declared invalid against the creditors of the maker of such payment, or (ii) becomes repayable by the Pledgee, or (iii) proves not to have been effectively received by the Pledgee.

Retention of Security. (a) Any release of this Pledge shall be null and void and without effect if any payment received by the Pledgee or by the Secured Parties and applied towards satisfaction of all or part of the Secured Liabilities Obligations (i) is avoided or declared invalid as against the creditors of the maker of such payment, or (ii) becomes repayable by the PledgeePledgee or by the Secured Parties to a third party, or (iii) proves not to have been effectively received by the PledgeePledgee [or by the Secured Parties].

Retention of Security. a) Any release of this the Pledge shall be null and void and without effect if any payment received by the Pledgee and applied towards satisfaction of all or part of the Secured Liabilities Obligations (i) is avoided or declared invalid against the creditors of the maker of such payment, or (ii) becomes repayable by the Pledgee, Pledgee or (iii) proves not to have been effectively received by the PledgeePledgee and the Pledgee shall be entitled upon notice to the Pledgor to enforce the Pledge as if such discharge had not occurred.