Common use of Payment Rescission Clause in Contracts

Payment Rescission. No payment of any amount hereunder shall be considered paid or applied to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The payor shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the payee who suffered such rescission, return or refund the full amount thereof, plus the Default Fee from the date of any such rescission, return or refunding.

Payment Rescission. No payment of any amount hereunder of the Obligations shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The payor Borrower shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the payee who suffered such rescission, return Administrative Agent or refund the applicable Lender the full amount thereof, plus the Default Fee thereof together with interest thereon from the date of any such rescission, return or refunding.