Avoided Payment definition

Avoided Payment has the meaning provided in the definition of Preference Amounts.

Avoided Payment has the meaning assigned to such term in the Policy.

Avoided Payment means any amount previously distributed by or on behalf of the Trust in respect of an Obligation that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to Insolvency Proceeding in accordance with a final nonappealable order of a court having competent jurisdiction.

Examples of Avoided Payment in a sentence

• In the event of an Avoided Payment, the BNY Mellon Parties shall have no liability to any Person whatsoever for any Avoided Payment or any liability or losses relating thereto.

• If, after the Approval Date, all or any portion of the Settlement Payment is voided or rescinded for any reason, including as a preferential or fraudulent transfer (an “Avoided Payment”), that Avoided Payment shall be treated for purposes of this Paragraph 3 as though it were not made at all (provided that written notice has been given by the Trustee to Bank of America and Countrywide and Bank of America or Countrywide has not cured, made, or restored such payment within sixty (60) days).

• For the avoidance of doubt, no Deficiency Amount described in clauses (i)-(vi) above or payment to be made in respect of an Avoided Payment described below shall constitute an accelerated or acceleration payment.

• The Insurer will pay each Defaulted Amount which consists of an Avoided Payment as provided in Section 3.

• Notwithstanding the foregoing paragraph, in no event shall the Insurer be obligated to make any payment in respect of an Avoided Payment prior to the date such Avoided Payment is Due for Payment.

More Definitions of Avoided Payment

Avoided Payment. As such term is defined in the Certificate Insurance Policy.

Avoided Payment means any amount that is paid, credited, transferred or delivered to or to the order of the Bond Trustee or a Guaranteed Bondholder by or on behalf of the Issuer in accordance with the terms of the Bond Trust Deed and/or the Guaranteed Bonds in respect of any Guaranteed Amount, which amount has been recovered from, or is otherwise required to be returned or repaid by, the Bond Trustee or a Guaranteed Bondholder as a result of Insolvency Proceedings by or against the Issuer.

Avoided Payment. As defined in the Policy. Bankruptcy Code: Title 11 of the United States Code.

Avoided Payment means any amount paid or required to be paid in respect of any Certificates to a holder of such Certificates which is avoided under any applicable bankruptcy, insolvency, receivership or similar law in an insolvency proceeding by or against the Issuer, the Guarantor, any ACS Group Subsidiary, the Initial Credit Facility Provider or any other provider of an Eligible Credit Facility and, as a result of such an avoidance event, the Drawing Agent, the Pass Through Trustee or any holder of such Certificates is required to return all or any portion of such avoided payment made or to be made in respect of such Certificates (including any disgorgement from the holders of the Certificates resulting from any insolvency proceeding, whether such disgorgement is determined on a theory of preferential conveyance or otherwise).

Avoided Payment. As defined in the Class II-A Policy.

Avoided Payment means with respect to the Insured Obligations, any payment of principal or interest previously distributed to an Owner of an Insured Obligation by or on behalf of the Trust that is voided as a result of any Insolvency Proceeding and which is returned by an Owner of an Insured Obligation as required by a final, nonappealable order of a court of competent jurisdiction.

Avoided Payment shall have the meaning set forth in Section 14A.2 of the Standard Terms and Conditions.