Common use of Discharge; Reinstatement; Preference Clause in Contracts

Discharge; Reinstatement; Preference. If at any time any payment by or on behalf of LPI in respect of the Guaranteed Obligations is rescinded or must be otherwise restored or returned upon the Insolvency, bankruptcy or reorganization of LPI or otherwise, LITHIUM's obligations with respect to such payment shall be reinstated at such time as though such payment had been made but not made at such time. If any payment by LPI or LITHIUM to the Beneficiaries is held to constitute a preference under any applicable bankruptcy laws, or if under applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of general application-on with respect to creditors, any Beneficiary is required to refund part or all of any payment or pay the amount thereof to any other party, such payment to the Beneficiaries shall not constitute a release from any liability hereunder, and LITHIUM'S liability hereunder shall be reinstated to the extent of such refund or payment to another party.

Discharge; Reinstatement; Preference. If at any time any payment by or on behalf of LPI TEHQ or TEUS in respect of the Trans Guaranteed Obligations is rescinded or must be otherwise restored or returned upon the Insolvencyinsolvency, bankruptcy or reorganization of LPI TEHQ or TEUS or otherwise, LITHIUM's Trans Guarantor’s obligations with respect to such payment shall be reinstated at such time as though such payment had been made due but not made at such time. If any payment by LPI or LITHIUM Trans Guarantor to the Beneficiaries Purchaser is held to constitute a preference under any applicable bankruptcy laws, or if under applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of general application-on application with respect to creditors, any Beneficiary Purchaser is required to refund part or all of any payment or pay the amount thereof to any other party, such payment to the Beneficiaries Purchaser shall not constitute a release from any liability hereunder, and LITHIUM'S Trans Guarantor’s liability hereunder shall be reinstated to the extent of such refund or payment to another party.

Discharge; Reinstatement; Preference. If at any time any payment by or on behalf of LPI Purchaser in respect of the Purchaser Guaranteed Obligations is rescinded or must be otherwise restored or returned upon the Insolvencyinsolvency, bankruptcy or reorganization of LPI Purchaser or otherwise, LITHIUM's Purchaser Guarantor’s obligations with respect to such payment shall be reinstated at such time as though such payment had been made due but not made at such time. If any payment by LPI or LITHIUM Purchaser Guarantor to the Beneficiaries Sellers is held to constitute a preference under any applicable bankruptcy laws, or if under applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of general application-on application with respect to creditors, any Beneficiary is Sellers are required to refund part or all of any payment or pay the amount thereof to any other party, such payment to the Beneficiaries Sellers shall not constitute a release from any liability hereunder, and LITHIUM'S Purchaser Guarantor’s liability hereunder shall be reinstated to the extent of such refund or payment to another party.

Discharge; Reinstatement; Preference. If at any time any payment by or on behalf of LPI Sellers in respect of the Sellers Guaranteed Obligations is rescinded or must be otherwise restored or returned upon the Insolvencyinsolvency, bankruptcy or reorganization of LPI any of the Sellers or otherwise, LITHIUM's Sellers Guarantor’s obligations with respect to such payment shall be reinstated at such time as though such payment had been made due but not made at such time. If any payment by LPI or LITHIUM Sellers Guarantor to the Beneficiaries Purchaser is held to constitute a preference under any applicable bankruptcy laws, or if under applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws of general application-on application with respect to creditors, any Beneficiary Purchaser is required to refund part or all of any payment or pay the amount thereof to any other party, such payment to the Beneficiaries Sellers shall not constitute a release from any liability hereunder, and LITHIUM'S Sellers Guarantor’s liability hereunder shall be reinstated to the extent of such refund or payment to another party.