Common use of Rescission of Payment Clause in Contracts

Rescission of Payment. Notwithstanding Section 9 below, this Agreement shall continue to be effective, or be reinstated as the case may be, as though such payment had not been made, if any payment by the Borrower pursuant to the terms and conditions of the Revolving Credit Note, the Loan Agreement, this Agreement or any other of the Borrower Documents is rescinded or must otherwise be restored or returned by the Lender for any reason, including, without limitation (a) the invalidity or unenforceability of the obligation paid, for any reason; (b) failure or insufficiency of consideration for the obligation paid, or (c) the insolvency, bankruptcy or reorganization of the Borrower or any of any other guarantor(s).

Rescission of Payment. 8.01 Notwithstanding Section 9 below, this Agreement shall continue to be effective, or be reinstated as the case may be, as though such payment had not been made, if any payment by the Borrower pursuant to the terms and conditions of the Revolving Credit NoteNotes, the Loan Agreement, this Agreement or any other of the Borrower Loan Documents is rescinded or must otherwise be restored or returned by the Lender Agent Bank for any reason, including, without limitation (a) the invalidity or unenforceability of the obligation paid, for any reason; (b) failure or insufficiency of consideration for the obligation paid, or (c) the insolvency, bankruptcy or reorganization of the Borrower or any of any other guarantor(s).