Common use of Payment Set Aside Clause in Contracts

Payment Set Aside. To the extent that the Borrower makes a ----------------- payment or payments to any Lender pursuant to any Transaction Document or a Lender enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Borrower, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 3 contracts

Samples: Loan and Warrant Agreement (Zoltek Companies Inc), Loan and Warrant Agreement (Zoltek Companies Inc), Loan and Warrant Agreement (Zoltek Companies Inc)

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Payment Set Aside. To the extent that the Borrower makes a ----------------- payment or payments to any the Lender pursuant to any Transaction Document or a the Lender enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Borrower, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 3 contracts

Samples: Agreement (Dyadic International Inc), Loan Agreement (Dyadic International Inc), Agreement (Dyadic International Inc)

Payment Set Aside. To the extent that the Borrower Issuer makes a ----------------- payment or payments to any Lender pursuant to any Transaction Document the Purchaser(s) hereunder or a Lender enforces the Purchaser(s) enforce or exercises its exercise their rights thereunderhereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the BorrowerIssuer, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Customers Bancorp, Inc.), Stock Purchase Agreement (Customers Bancorp, Inc.)

Payment Set Aside. To the extent that the Borrower makes a ----------------- payment or payments to any the Lender pursuant to any Transaction Document or a the Lender enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Borrower, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 2 contracts

Samples: Loan and Securities Purchase Agreement (Aerogen Inc), Loan and Securities Purchase Agreement (Aerogen Inc)

Payment Set Aside. To the extent that the Borrower makes a ----------------- payment or payments to any Lender pursuant to any Transaction Document or a any Lender enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Borrower, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Bridge Loan Agreement (Thermoenergy Corp)

Payment Set Aside. To the extent that the Borrower Issuer makes a ----------------- payment or payments to any Lender pursuant to any Transaction Document Purchaser hereunder or a Lender Purchaser enforces or exercises its rights thereunderhereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the BorrowerIssuer, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Stock Purchase Agreement (Customers Bancorp, Inc.)

Payment Set Aside. To the extent that the Borrower Bank makes a ----------------- payment or payments to any Lender the Purchaser pursuant to any Transaction Document or a Lender the Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by by, or are required to be refunded, repaid or otherwise restored to the BorrowerBank, a trustee, receiver receiver, or any other person under any law Law (including, without limitation, any bankruptcy law, state state, or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Stock Purchase Agreement (Southern California Bancorp \ CA)

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Payment Set Aside. To the extent that the Borrower makes Borrowers make a ----------------- payment or payments to any Lender Purchaser pursuant to any Transaction Document or a Lender Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the BorrowerBorrowers, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Securities Purchase Agreement (Velocity Asset Management Inc)

Payment Set Aside. To the extent that the Borrower makes a ----------------- payment or payments to any Lender pursuant to any Transaction Document or a Lender enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Borrower, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Loan and Securities Purchase Agreement (Earthshell Corp)

Payment Set Aside. To the extent that the Borrower Seller makes a ----------------- payment or payments to any Lender pursuant to any Transaction Document the Purchaser under this Agreement or a Lender the Purchaser enforces or exercises its rights thereunderhereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the BorrowerSeller, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Stock Purchase and Sale Agreement (Sinobiomed Inc)

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