Common use of Payments Rescinded Clause in Contracts

Payments Rescinded.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

Payments Rescinded. Any payment by Borrower Obligors to Beneficiary Beneficiaries is ------------------ held to constitute a preference under the bankruptcy laws, or for any reason Beneficiary Beneficiaries is required to refund such payment or pay such amount to Borrower Obligors or someone else; or

Payments Rescinded.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