Common use of Rescission of Payment Clause in Contracts

Rescission of Payment. Whenever for any reason (including under any law relating to Liquidation, fiduciary obligations or the protection of creditors): (a) all or part of any transaction of any nature (including any payment or transfer) made during the term of this Deed which affects or relates in any way to the Secured Money is void, set aside or voidable; (b) any claim that anything contemplated by paragraph (a) is upheld, conceded or compromised; or (c) any Mortgagee is required to return or repay any money or asset received by it under any such transaction or the equivalent in value of that money or asset, each Mortgagee will immediately become entitled against the Mortgagor to all rights in respect of the Secured Money and the Mortgaged Property which it would have had if all or the relevant part of the transaction or receipt had not taken place. The Mortgagor shall indemnify the Mortgagee against any resulting loss, cost or expense. This clause continues to apply after this Deed is discharged.

Rescission of Payment. Whenever for any reason (including without limitation under any law relating to Liquidation, fiduciary obligations or the protection of creditors): (a) all or part of any transaction of any nature (including without limitation any payment or transfer) made during the term of this Deed which affects or relates in any way to the Secured Money is void, set aside or voidable; (b) any claim that anything contemplated by paragraph (a) is upheld, conceded or compromised; or (c) any the Mortgagee is required to return or repay any money or asset received by it under any such transaction or the equivalent in value of that money or asset, each the Mortgagee will immediately become entitled against the Mortgagor to all rights in respect of the Secured Money and the Mortgaged Property which it would have had if all or the relevant part of the transaction or receipt had not taken place. The Mortgagor shall indemnify the Mortgagee on demand against any resulting loss, cost or expense. This clause Clause continues to apply after this Deed is discharged.

Rescission of Payment. Whenever for any reason (including under any law relating to Liquidation, fiduciary obligations or the protection of creditors): (a) all or part of any transaction of any nature (including any payment or transfer) made during the term of this Deed which affects or relates in any way to the Secured Money is void, set aside or voidable; (b) any claim that anything contemplated by paragraph (a) is upheld, conceded or compromised; or (c) any the Mortgagee is required to return or repay any money or asset received by it under any such transaction or the equivalent in value of that money or asset, each the Mortgagee will immediately become entitled against the Mortgagor to all rights in respect of the Secured Money and the Mortgaged Property which it would have had if all or the relevant part of the transaction or receipt had not taken place. The Mortgagor shall indemnify the Mortgagee against any resulting loss, cost or expense. This clause continues to apply after this Deed is discharged.