Rescission of payments etc. Any discharge, release or reassignment by a Finance Party of any of the security constituted by, or any of the obligations of a Security Party contained in, a Finance Document shall be (and be deemed always to have been) void if any act (including, without limitation, any payment) as a result of which such discharge, release or reassignment was given or made is subsequently wholly or partially rescinded or avoided by operation of any law.
Appears in 35 contracts
Samples: Secured Revolving Credit Facility Agreement (Teekay Corp), Secured Loan Agreement (Teekay LNG Partners L.P.), Secured Term Loan Facility Agreement (Teekay Tankers Ltd.)
