Avoidance Issues definition

Avoidance Issues. If any First Lien Party is required to disgorge or otherwise pay any amount to the estate of any Credit Party for any reason (a “Recovery”), then the First Lien Obligations shall be reinstated to the extent of such Recovery and the Discharge of the First Lien Obligations shall be deemed not to have occurred.
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Avoidance Issues. With respect to each Type of Common Collateral, if any First Priority Secured Party or Second Priority Secured Party is required in any Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason, including because it was found to be a fraudulent or preferential transfer, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the First Priority Obligations or Second Priority Obligations, as the case may be, shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred, and the First Priority Obligations Payment Date or the Second Priority Obligations Payment Date, as the case may be, shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto.
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Avoidance Issues. If any First Lien Claimholder is required in any insolvency, bankruptcy or liquidation proceeding to disgorge or otherwise to turn over or otherwise pay any amount to the estate of any Loan Party for any reason (a “Recovery”), then the First Lien Obligations shall be reinstated to the extent of such Recovery and the First Lien Claimholders shall be entitled to a reinstatement of First Lien Obligations with respect to all such recovered amounts. Any amounts received by the Second Lien Agent or any other Second Lien Claimholder on account of the Second Lien Obligations after the termination of the Term Collateral Intercreditor Agreement shall, in the event of such reinstatement, be held in trust for and paid over to the First Lien Collateral Agent for the benefit of the First Lien Claimholders, for application to the reinstated First Lien Obligations.
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Examples of Avoidance Issues in a sentence

  • Subject to Section 6.4 (Avoidance Issues), this Agreement shall continue to be effective until the Discharge of First Lien Obligations shall have occurred or such later time as the Discharge of Second Lien Obligations shall have occurred.

  • Insolvency Proceedings 26 5.1 Filing of Motions 26 5.2 Financing Matters 27 5.3 Relief From the Automatic Stay 28 5.4 Adequate Protection 29 5.5 Avoidance Issues 30 5.6 Asset Dispositions in an Insolvency Proceeding 31 5.7 Separate Grants of Security and Separate Classification 32 5.8 Plans of Reorganization 32 5.9 Other Matters 33 5.10 No Waiver of Rights of First Priority Secured Parties 33 5.11 Effectiveness in Insolvency Proceedings 33 SECTION 6.

  • Subject to Section 5.7 (Reinstatement) and Section 6.4 (Avoidance Issues), this Agreement shall continue to be effective until the Discharge of First Lien Obligations shall have occurred or such later time as the Discharge of Junior Lien Obligations shall have occurred.

  • Insolvency or Liquidation Proceedings J-2-32 6.1 Finance and Sale Issues J-2-32 6.2 Relief from the Automatic Stay J-2-34 6.3 Adequate Protection J-2-34 6.4 No Waiver J-2-36 6.5 Avoidance Issues J-2-36 6.6 Reorganization Securities J-2-36 6.7 Post-Petition Interest J-2-36 6.8 Waiver J-2-37 6.9 Separate Grants of Security and Separate Classification J-2-37 6.10 Effectiveness in Insolvency or Liquidation Proceedings J-2-38 SECTION 7.

  • Avoidance Issues: If any Pari Passu Secured Party is required to disgorge or otherwise pay any amount to the estate of any Loan Party for any reason (a “Recovery”), then the Pari Passu Obligations shall be reinstated to the extent of such Recovery and the Discharge of Pari Passu Obligations shall be deemed not to have occurred.

  • Insolvency or Liquidation Proceedings 41 6.1. DIP Financing 41 6.2. Relief from the Automatic Stay 42 6.3. Adequate Protection 42 6.4. Post-Petition Interest 44 6.5. Avoidance Issues 45 6.6. Application 45 6.7. Waivers 46 6.8. Separate Grants of Liens 46 6.9. Asset Sales 47 Section 7.

  • Avoidance Issues: If any First Lien Secured Party is required to disgorge or otherwise pay any amount to the estate of any Loan Party for any reason (a “Recovery”), then the First Lien Obligations shall be reinstated to the extent of such Recovery and the Discharge of First Lien Obligations shall be deemed not to have occurred.

  • USFS Aerial Application Avoidance Issues: 381 Avoidance maps will be prepared and made available for all National Forest System 382 lands and reviewed preseason and during any fire incident with the assigned Incident 383 Commander (IC) or IMT.

  • Administration: The Company and the Reinsurer agree that they are continuing to work together to fully implement the reinsurance administration within a timely manner.

  • Insolvency or Liquidation Proceedings 39 6.1 DIP Financing 39 6.2 Relief from the Automatic Stay 39 Page 6.3 Adequate Protection 40 6.4 Post-Petition Interest 42 6.5 Avoidance Issues 42 6.6 Application 43 6.7 Waivers 43 6.8 Separate Grants of Liens 43 6.9 Asset Sales 44 Section 7.


More Definitions of Avoidance Issues

Avoidance Issues. If any Secured Party is required to disgorge or otherwise pay any amount to the bankruptcy estate of any Loan Party for any reason (a “Recovery”), then the obligations of such Secured Party shall be reinstated to the extent of such Recovery.
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Related to Avoidance Issues

  • Avoidance Actions means any and all avoidance, recovery, subordination, or other claims, actions, or remedies that may be brought by or on behalf of the Debtors or their Estates or other authorized parties in interest under the Bankruptcy Code or applicable non-bankruptcy law, including actions or remedies under sections 502, 510, 542, 544, 545, 547 through 553, and 724(a) of the Bankruptcy Code or under similar or related state or federal statutes and common law, including fraudulent transfer laws.

  • Avoidance Action means any claim or cause of action of an Estate arising out of or maintainable pursuant to sections 502, 510, 541, 542, 543, 544, 545, 547, 548, 549, 550, 551, or 553 of the Bankruptcy Code or under any other similar applicable law, regardless of whether or not such action has been commenced prior to the Effective Date.

  • COVID-19 Pandemic means the SARS-Cov2 or COVID-19 pandemic, including any future resurgence or evolutions or mutations thereof and/or any related or associated disease outbreaks, epidemics and/or pandemics.

  • Excluded Claims means: (a) Customer’s breach of Section 2.3 (Restrictions), (b) either party’s breach of Section 14 (Confidentiality) or (c) amounts payable to third parties under the indemnifying party’s obligations in Section 13 (Indemnification).

  • Excluded Costs shall be defined as (i) any mortgage charges (including interest, principal, points and fees); (ii) brokerage commissions; (iii) salaries of executives and owners not directly employed in the management/operation of the Property; (iv) the cost of work done by Landlord for a particular tenant; (v) the cost of items which, by generally accepted accounting principles, would be capitalized on the books of Landlord or are otherwise not properly chargeable against income, except to the extent permitted pursuant to Section A (i) or (ii) above; (vi) the costs of Landlord’s Work and any contributions made by Landlord to any tenant of the Property in connection with the build-out of its premises; (vii) franchise or income taxes imposed on Landlord; (viii) costs paid directly by individual tenants to suppliers, including tenant electricity, telephone and other utility costs; (ix) increases in premiums for insurance when such increase is caused by the use of the Building by Landlord or any other tenant of the Building; (x) maintenance and repair of capital items not a part of the Building or the Property; (xi) depreciation of the Building; (xii) costs relating to maintaining Landlord’s existence as a corporation, partnership or other entity; (xiii) advertising and other fees and costs incurred in procuring tenants; (xiv) the cost of any items for which Landlord is reimbursed by insurance, condemnation awards, refund, rebate or otherwise, and any expenses for repairs or maintenance to the extent covered by warranties, guaranties and service contracts; (xv) costs incurred in connection with any disputes between Landlord and its employees, between Landlord and Building management, or between Landlord and other tenants or occupants; and (xvi) costs incurred in connection with the clean-up, response action or remediation of Hazardous Materials at the Property; (xvii) costs incurred for the replacement of (i.e., as opposed to the maintenance and repair of) the Acid Neutralization Tank; (xviii) costs in connection with the leasing of space in the Building, including lease concessions, rental abatement and construction allowances granted to specific tenants; (xix) costs incurred with the sale, financing or refinancing of the Building, fines, interest and penalties incurred due to the late payment of taxes or expenses; (xx) costs incurred by Landlord in connection with the correction of defects in design and original construction of the Building or Property; the costs or expenses of any services or benefits provided generally to the other tenants in the Building and not provided or available to Tenant; sums (other than management fees, it being agreed that the management fees included in Building Operating Costs are as described above) paid to subsidiaries or other affiliates of Landlord for services on or to the Property, Building or the First Floor Premises, but only to the extent that the costs of such services exceed the competitive cost for such services rendered by persons or entities of similar skill, competence and experience; any general administrative expenses, which costs would not be chargeable to operating expenses of the Building in accordance with generally accepted accounting principles, consistently applied; or any penalties or damages that Landlord pays to Tenant under this Lease or to other tenants in the Building under their respective leases.