Common use of AUTOMATIC REINSTATEMENT Clause in Contracts

AUTOMATIC REINSTATEMENT. The joint and several liability of the Borrowers under this ss. 2.4 shall continue to be effective or be automatically reinstated, as the case may be, if at any time any payment, in whole or in part, to the Banks is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Borrower or any other Person, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to any Borrower or any other Person or any substantial part of its property, or otherwise, all as though such payment had not been made.