Common use of Avoided Payments Clause in Contracts

Avoided Payments. Where any release or discharge or other arrangement in respect of all or part of the Secured Obligations (or in respect of any security for those Secured Obligations including the security created under this Mortgage) is made in reliance on any payment, security or other disposition which is avoided or must be restored in an insolvency, liquidation or otherwise and whether or not the Mortgagee has conceded or compromised any claim that any payment, security or other disposition will or should be avoided, the obligations of the Mortgagor for the payment of the Secured Obligation and the obligations of the Mortgagor under this Mortgage shall continue as if such release, discharge or other arrangement had not been made.

Avoided Payments. Where any release or discharge or other arrangement in respect of all or part of the Secured Obligations (or in respect of any security for those Secured Obligations including the security created under this Mortgage) is made in reliance on any payment, security or other disposition which is avoided or must be restored in an insolvency, liquidation or otherwise and whether or not the Mortgagee has conceded or compromised any claim that any payment, security or other disposition will or should be avoided, the obligations of the Mortgagor for the payment of to perform the Secured Obligation and the obligations of the Mortgagor under this Mortgage shall continue as if such release, discharge or other arrangement had not been made.