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at any time, all or any part of any payment previously applied by any holder of a Note to any Obligation is or must be rescinded or returned by such holder of a Note for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Company), such Obligation shall, for the purpose of this Guaranty, to the extent that such payment is rescinded or returned, be deemed to have continued in existence, notwithstanding such application by such holder of a Note and this Guaranty shall continue to be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at any time, all or any part of any payment previously applied by any holder of a Note to any Obligation is or must be rescinded or returned by such holder of a Note for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Company), such Obligation shall, for the purpose of this Guaranty, to the extent that such payment is rescinded or returned, be deemed to have continued in existence, notwithstanding such application by such holder of a Note and this Guaranty shall continue to be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