Common use of Discharge Only Upon Payment In Full Clause in Contracts

Discharge Only Upon Payment In Full. Reinstatement In ----------------------------------------------------- Certain Circumstances. Each Subsidiary Guarantor's obligations hereunder shall ---------------------- remain in full force and effect until all Guaranteed Obligations shall have been paid in full and the Commitments under the Credit Agreement in favor of the Principal shall have terminated or expired. If at any time any payment of the principal of or interest on any Note or any other amount payable by the Principal under the Credit Agreement or any other Loan Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Principal or otherwise, each Subsidiary Guarantor's obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

Appears in 1 contract

Samples: Credit Agreement (National Data Corp)

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Discharge Only Upon Payment In Full. Reinstatement In ----------------------------------------------------- Certain ------------------------------------------------------------- Circumstances. Each of the Subsidiary Guarantor's obligations hereunder shall ---------------------- ------------- remain in full force and effect until all Guaranteed Obligations shall have been indefeasibly paid in full and full, the Commitments under the Credit Agreement in favor of the Principal Agreements shall have terminated or expired. If at any time any payment of the principal of or interest on any Note or any other amount payable by the Principal or any other party under the either Credit Agreement Agreement, or any other Loan Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Principal or otherwise, each of the Subsidiary Guarantor's obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

Appears in 1 contract

Samples: Subsidiary Guaranty (Transit Group Inc)

Discharge Only Upon Payment In Full. Reinstatement In ----------------------------------------------------- Certain ------------------------------------------------------------- Circumstances. Each Subsidiary Guarantor's obligations hereunder shall ---------------------- remain in full ------------- force and effect until the Commitments shall have terminated and the principal ---- of and interest on the Notes and all Guaranteed Obligations other amounts payable by the Borrower under this Agreement shall have been paid in full and the Commitments under the Credit Agreement in favor of the Principal shall have terminated or expiredfull. If at any time any payment of the principal of or interest on any Note or any other amount payable by the Principal Borrower under the Credit this Agreement or any other Loan Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Principal Borrower or any other Guarantor or otherwise, each Subsidiary Guarantor's obligations hereunder with respect to such payment shall be reinstated at such time as though such payment had been due but not made at such time.

Appears in 1 contract

Samples: Term Loan Agreement (Policy Management Systems Corp)

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Discharge Only Upon Payment In Full. Reinstatement In ----------------------------------------------------- --------------------------------------------------------- Certain Circumstances. Each Subsidiary Guarantor's obligations hereunder shall ---------------------- remain in --------------------- full force and effect until the Commitments shall have terminated and the principal of and interest on the Notes and all Guaranteed Obligations other amounts payable by the Borrower under this Agreement shall have been paid in full and the Commitments under the Credit Agreement in favor of the Principal shall have terminated or expiredfull. If at any time any payment of the principal of or interest on any Note or any other amount payable by the Principal Borrower under the Credit this Agreement or any other Loan Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Principal Borrower or any other Guarantor or otherwise, each Subsidiary Guarantor's obligations hereunder with respect to such payment shall be reinstated at such time as though such payment had been due but not made at such time.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Policy Management Systems Corp)

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