Common use of Recovered Payments Clause in Contracts

Recovered Payments. The Guaranteed Obligations shall be deemed not to have been paid, observed or performed, and each Guarantor's obligations under the Loan Documents in respect thereof shall continue and not be discharged, to the extent that any payment, observance or performance thereof by the Borrower or any other Guarantor or guarantor, or out of the proceeds of the Collateral or any other collateral, is recovered from or paid over by or for the account of any Guaranteed Party for any reason, including as a preference or fraudulent transfer or by virtue of any subordination (whether present or future or contractual or otherwise) of the Guaranteed Obligations, whether such recovery or payment over is effected by any judgment, decree or order of any court or governmental agency, by any plan of reorganization or by settlement or compromise by any Guaranteed Party (whether or not consented to by the Borrower, each Guarantor or any other guarantor) of any claim for any such recovery or payment over. Each Guarantor hereby expressly agrees that it shall be liable under the Loan Documents with respect to any Guaranteed Obligation whenever such a recovery or payment over thereof occurs.

Recovered Payments. The Guaranteed Obligations shall be deemed not to have been paid, observed or performed, and the Borrower's and each Guarantor's obligations under the Loan Documents hereunder in respect thereof shall continue and not be discharged, to the extent that any payment, observance or performance payment thereof by the Borrower or any other Guarantor or guarantor, or out of the proceeds of the Collateral or any other collateral, is recovered from or paid over by or for the account of any Guaranteed Party Bank, the Issuing Bank, the Swing Line Bank or other holder of a Note for any reason, including as a preference or fraudulent transfer or by virtue of any subordination (whether present or future or contractual or otherwise) of the Guaranteed Obligations, whether such recovery or payment over is effected by any judgment, decree or order of any court or governmental agency, by any plan of reorganization or by settlement or compromise by any Guaranteed Party such Bank, the Issuing Bank, the Swing Line Bank or other holder of a Note (whether or not consented to by the Borrower, each any Guarantor or any other guarantor) of any claim for any such recovery or payment over. Each The Borrower and each Guarantor hereby expressly waives the benefit of any applicable statute of limitations and agrees that it shall be liable under the Loan Documents hereunder with respect to any Guaranteed Obligation whenever such a recovery or payment over thereof occurs.

Recovered Payments. The Guaranteed Obligations shall be deemed not to have been paid, observed or performed, and each Guarantor's obligations under the Loan Documents in respect thereof shall continue and not be discharged, to the extent that any payment, observance or performance thereof by the Borrower or any other Guarantor or guarantor, or out of the proceeds of the Collateral or any other collateral, is recovered from or paid over by or for the account of any Guaranteed Party for any reason, including as a preference or fraudulent transfer or by virtue of any subordination (whether present or future or contractual or otherwise) of the Guaranteed Obligations, whether such recovery or payment over is effected by any judgment, decree or order of any court or governmental agency, by any plan of reorganization or by settlement or 61 67 compromise by any Guaranteed Party (whether or not consented to by the Borrower, each Guarantor or any other guarantor) of any claim for any such recovery or payment over. Each Guarantor hereby expressly agrees that it shall be liable under the Loan Documents with respect to any Guaranteed Obligation whenever such a recovery or payment over thereof occurs.