Common use of Payment Set Aside Clause in Contracts

Payment Set Aside. To the extent that Borrower makes a payment or payments to Lender (whether hereunder, under the Notes, or under the other Financing Agreements) or Lender enforces its security interests or rights or exercises its right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to Borrower, a trustee, receiver or any other person under any law (including without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action) in each case in connection with any bankruptcy or similar proceeding involving Borrower, then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 4 contracts

Samples: Loan and Security Agreement (Saztec International Inc), Netplex Systems Inc, Netplex Group Inc

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Payment Set Aside. To the extent that Borrower makes a payment or payments to Lender (whether hereunder, under the NotesNote, or under the other Financing AgreementsDocuments) or Lender enforces its security interests or rights or exercises its right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to Borrower, a trustee, receiver or any other person under any law (including without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action) in each case in connection with any bankruptcy or similar proceeding involving Borrower, then to the extent of any such restoration restoration, the obligation obligation, or part thereof originally intended to be satisfied satisfied, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 3 contracts

Samples: Revolving Loan and Security Agreement (Ziplink Inc), Loan Agreement (Ziplink Inc), Loan Agreement (Ziplink Inc)

Payment Set Aside. To the extent that Borrower makes a payment or payments to Lender (whether hereunder, under the Notes, or under the other Financing Agreements) or Lender enforces its security interests or rights or exercises its right of setoff, ; and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to Borrower, a trustee, receiver or any other person under any law (including including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action) in each case in connection with any bankruptcy or similar proceeding involving Borrower, then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 3 contracts

Samples: Credit and Security Agreement (Memry Corp), Asset Purchase Agreement (Memry Corp), Credit and Security Agreement (Memry Corp)

Payment Set Aside. To the extent that Borrower makes Borrowers make a payment or payments to Lender (whether hereunder, under the Notes, or under the other Financing Agreements) or Lender enforces its security interests or rights or exercises its right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to BorrowerBorrowers, a trustee, receiver or any other person under any law (including without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action) in each case in connection with any bankruptcy or similar proceeding involving BorrowerBorrowers, then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 2 contracts

Samples: Loan and Security Agreement (Cycomm International Inc), Loan and Security Agreement (Industrial Technologies Inc)

Payment Set Aside. To the extent that Borrower makes Borrowers make a payment or payments to Lender (whether hereunder, under the Notes, or under the other Financing Agreements) or Lender enforces its security interests or rights or exercises its right of setoff, ; and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to BorrowerBorrowers, a trustee, receiver or any other person under any law (including including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action) in each case in connection with any bankruptcy or similar proceeding involving BorrowerBorrowers, then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Loan and Security Agreement (Memry Corp)

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Payment Set Aside. To the extent that Borrower makes a payment or payments to Lender the Lenders (whether hereunder, under the Notes, or under the other Financing Agreements) or Lender the Lenders enforces its their security interests or rights or exercises its right of setoffset-off, and such payment or payments or the proceeds of such enforcement or setoff set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to Borrower, a trustee, receiver or any other person under any law (including including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action) in each case in connection with any bankruptcy or similar proceeding involving Borrower, then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff set-off had not occurred.

Appears in 1 contract

Samples: Loan and Security Agreement (Diasys Corp)

Payment Set Aside. To the extent that Borrower makes a any payment or payments are made to Lender (whether hereunder, under the Notes, Purchaser hereunder or under the other Financing Agreements) Securities, any notes issued in exchange for any Securities or Lender any Equity Interests for which Securities are exchanged or converted or such Purchaser enforces its security interests or rights or exercises its right of setoffsetoff hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to Borrowersuch payor, a trustee, receiver or any other person Person under any law law, statute, rule or regulation (including without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action) in each case in connection with any bankruptcy or similar proceeding involving Borrower), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Appears in 1 contract

Samples: Convertible Notes Purchase Agreement (Wits Basin Precious Minerals Inc)

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