Common use of Effect of Bankruptcy Proceedings, etc Clause in Contracts

Effect of Bankruptcy Proceedings, etc. If at any time any whole or partial payment of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by the Bank upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrowers or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrowers, this Guaranty shall continue to be effective, or be reinstated, as the case may be, all as though such payment had not been made.

Effect of Bankruptcy Proceedings, etc. If at any time any whole or partial payment of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by the Bank upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrowers Borrower or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the BorrowersBorrower, this Guaranty shall continue to be effective, or be reinstated, as the case may be, all as though such payment had not been made.