Common use of Return of Payment Clause in Contracts

Return of Payment. Grantor hereby agrees that if at any time all or any part of any payment theretofore paid by Grantor and applied by Secured Party under any of the Obligations is returned by Secured Party for any reason whatsoever (including, without limitation, the insolvency, bankruptcy, reorganization or assignment for the benefit of creditors of Grantor) such Obligations, for the purpose of this Agreement, to the extent that such payment is returned, shall be deemed to have continued in existence, notwithstanding such application by Secured Party, and this Agreement shall continue to be effective or be reinstated, as the case may be, as to such Obligations, all as though such application by Secured Party had not been made.