Common use of Reinstatement of Security Interest created under this document Clause in Contracts

Reinstatement of Security Interest created under this document. (a) The Grantor must do or cause to be done anything the Secured Party requires the Grantor to do to reinstate the Security Interest created under this document if anyone claims that money applied to satisfied Secured Money has to be repaid or refunded under any law after the Secured Property has been released. (b) A law referred to in Clause 3.5(a) includes a law about preferences, bankruptcy, insolvency or winding up. (c) The Secured Party may require the Grantor to sign documents under Clause 3.5(a). (d) If a claim referred to in Clause 3.5(a) is upheld or omitted, the Secured Party is entitled to the same rights, powers and remedies against the Grantor and the Secured Property as it would have had if the relevant money had not been applied to satisfy Secured Money and the Secured Property had never been released. (e) This Clause 3.5 survives release of the Secured Property from this document.