Common use of Deemed Existence Clause in Contracts

Deemed Existence. If at any time, all or any part of any payment previously applied by the Lender to any Guaranteed Obligation is or must be rescinded or returned by the Lender for any reason whatsoever (including, without limitation, the insolvency, bankruptcy, or reorganization of the Borrower), such Guaranteed Obligation shall, for the purpose of this Guarantee, to the extent that such payment is rescinded or returned, be deemed to have continued in existence, notwithstanding such application by the Lender, and this Guarantee shall continue to be effective or be reinstated, as the case may be, as to such Guaranteed Obligation, all as though such application by the Lender had not been made.