Common use of Payments Are Provisional Clause in Contracts

Payments Are Provisional. All payments made by the BORROWER to the LENDER on any of the OBLIGATIONS shall be provisional and shall not be considered final unless and until such payment is not subject to avoidance under any provision of the United States Bankruptcy Code, as amended, including Sections 547 and 550, or any state law governing insolvency or creditors' rights. If any payment is avoided or set aside under any provision of the United States Bankruptcy Code, including Sections 547 and 550, or any state law governing insolvency or creditors' rights, the payment shall be considered not to have been made for all purposes of this AGREEMENT and the LENDER shall adjust its records to reflect the fact that the avoided payment was not made and has not been credited against the OBLIGATIONS.

Payments Are Provisional. All payments made by the BORROWER Borrower to the LENDER Lender on any of the OBLIGATIONS Obligations shall be provisional and shall not be considered final unless and until such payment is not subject to avoidance under any provision of the United States Bankruptcy Code, as amended, including Sections 547 and 550, or any state law governing insolvency or creditors' ’ rights. If any payment is avoided or set aside under any provision of the United States Bankruptcy Code, including Sections 547 and 550, or any state law governing insolvency or creditors' ’ rights, the payment shall be considered not to have been made for all purposes of this AGREEMENT Agreement and the LENDER Lender shall adjust its records to reflect the fact that the avoided payment was not made and has not been credited against the OBLIGATIONSObligations.

Payments Are Provisional. All payments made by the BORROWER Mortgagor to the LENDER Mortgagee on any of the OBLIGATIONS Obligations shall be provisional and shall not be considered final unless and until such payment is not subject to avoidance under any provision of the United States Bankruptcy Code, as amended, including Sections 547 and 550, or any state law governing insolvency or creditors' rights. If any payment is avoided or set aside under any provision of the United States Bankruptcy Code, including Sections Section 547 and 550, or any state law governing insolvency or creditors' rights, the payment shall be considered not to have been made for all purposes of this AGREEMENT Mortgage, and the LENDER Mortgagee shall adjust its records to reflect the fact that the avoided payment was not made and has not been credited against the OBLIGATIONSObligations.