Common use of Payments Returned Clause in Contracts

Payments Returned. Guarantor agrees that, if at any time all or any part of any payment previously applied by Lender to the Obligations is or must be returned by Lender, or recovered from Lender, for any reason (including the order of any bankruptcy court), this Guaranty shall automatically be reinstated to the same effect as if the prior application had not been made, and, in addition, Guarantor hereby agrees to indemnify Lender against, and to save and hold Lender harmless from any required return by Lender, or recovery from Lender, of any such payment because of its being deemed preferential under applicable bankruptcy, receivership or insolvency laws, or for any other reason.

Payments Returned. Guarantor agrees that, if at any time all or any part of any payment previously applied by Lender to the Obligations Obligation is or must be returned by Lender, —or recovered from Lender, —for any reason (including the order of any bankruptcy court), this Guaranty shall automatically be reinstated to the same effect as if the prior application had not been made, and, in addition, each Guarantor hereby agrees to indemnify Lender against, and to save and hold Lender harmless from any required return by Lender, —or recovery from Lender, —of any such payment because of its being deemed preferential under applicable bankruptcy, receivership or insolvency laws, or for any other reason.