Payments Avoided or Recouped Clause Samples
Payments Avoided or Recouped. This Guarantee will continue to be effective or will be reinstated, as the case may be, if at any time the whole or any part of any payment or satisfaction of the whole or any part of the Corporation’s obligations:
(a) is avoided by the operation of any law: or
(b) must be repaid or restored by the Bondholder or other recipient of that payment, or Bondholder of that satisfaction, to the Corporation by reason of preference or for any other reason whatever, and that payment or satisfaction is deemed not to have discharged the Corporation’s obligations, or the Guarantor’ obligations or any part of them, as if that payment or satisfaction had not been made.
Payments Avoided or Recouped. This guarantee will continue to be effective or will be reinstated, as the case may be, if at any time the whole or any part of any payment or satisfaction of the whole or any part of the employer’s obligations:
(a) is avoided by the operation of any law: or
(b) must be repaid or restored by the Union Employees or other recipient of that payment, or Union Employees of that satisfaction, to the employer by reason of preference or for any other reason whatever, and that payment or satisfaction is deemed not to have discharged the employer’s obligations, or the guarantor’s obligations or part of them, as if that payment or satisfaction had not been made.