Common use of Deemed Existence Clause in Contracts

Deemed Existence. If at any time, all or any part of any payment previously applied by any Beneficiary to any Obligation is or must be rescinded or returned by such Beneficiary for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Borrower), such Obligation shall, for the purpose of this Guarantee, to the extent that such payment is rescinded or returned, be deemed to have continued in existence, notwithstanding such application by such Beneficiary and this Guarantee shall continue to be effective or be reinstated, as the case may be, as to such Obligation, all as though such application by such Beneficiary had not been made.

Deemed Existence. If at any time, all or any part of any payment previously applied by any the Beneficiary to any Obligation is or must be rescinded or returned by such the Beneficiary for any reason whatsoever (including, without limitation, the insolvency, bankruptcy bankruptcy, or reorganization of the Borrower), PET) such Obligation shall, for the purpose of this Guarantee, to the extent that such payment is rescinded or returned, be deemed to have continued in existence, notwithstanding such application by such Beneficiary the Beneficiary, and this Guarantee shall continue to be effective or be reinstated, as the case may be, as to such Obligation, all as though such application by such the Beneficiary had not been made.