Common use of Payments Rescinded Clause in Contracts

Payments Rescinded. Any payment by the Company to the Lenders is held to constitute a preference under the bankruptcy laws, or for any reason the Lenders are required to refund such payment or pay such amount to the Company or someone else; or

Payments Rescinded. Any payment by the Company Borrower to the Lenders Lender is held to constitute a preference under the bankruptcy laws, or for any reason the Lenders are Lender is required to refund such payment or pay such amount to the Company Borrower or someone else; or