Common use of Void or voidable transactions Clause in Contracts

Void or voidable transactions. If there is upheld, conceded or compromised any claim that a transaction in any way affecting or relating to the Obligations or the Securities is void, voidable, unenforceable or irrecoverable the following provisions apply: (a) (Restoration of Obligations): if as a result of or in connection with entering into the transaction the Obligations have been reduced in any way, then upon such claim being upheld, conceded or compromised, each Agent and each Bank will be entitled against each Guarantor to all such rights as it would have had if the transaction or so much thereof as is held or conceded to be void or voidable or is foregone on compromise had not taken place; (b) (Restoration of Security): if as a result of or in connection with entering into the transaction, or if as a result of the transaction being held or conceded to be void or unenforceable, a Bank's rights under any Security have been surrendered, cancelled or reduced in any way, then upon such claim being upheld, conceded or compromised, each Guarantor will take all steps and sign all such documents as may be necessary or convenient to restore those rights or equivalent rights to the Bank; and (c) (Costs and expenses): the Guarantors will pay to each Agent and each Bank all costs and expenses (including legal costs and expenses as between solicitor and own client) incurred by each Agent and each Bank in or in connection with any negotiations or proceedings relating to any such claims.

Void or voidable transactions. If there is upheld, conceded or compromised any claim that a transaction in any way affecting or relating to the Obligations or the Securities is void, voidable, unenforceable or irrecoverable the following provisions apply: (a) (Restoration of Obligations): if as a result of or in connection with entering into the transaction the Obligations have been reduced in any way, then upon such claim being upheld, conceded or compromised, each the Agent and each Bank will be entitled against each Guarantor to all such rights as it would have had if the transaction or so much thereof as is held or conceded to be void or voidable or is foregone on compromise had not taken place; (b) (Restoration of Security): if as a result of or in connection with entering into the transaction, or if as a result of the transaction being held or conceded to be void or unenforceable, a Bank's rights under any Security have been surrendered, cancelled or reduced in any way, then upon such claim being upheld, conceded or compromised, each Guarantor will take all steps and sign all such documents as may be necessary or convenient to restore those rights or equivalent rights to the Bank; and (c) (Costs and expenses): the Guarantors will pay to each the Agent and each Bank all costs and expenses (including legal costs and expenses as between solicitor and own client) incurred by each the Agent and each Bank in or in connection with any negotiations or proceedings relating to any such claims.