Common use of Reinstatement and Termination Clause in Contracts

Reinstatement and Termination. (a) Notwithstanding anything in this Guaranty to the contrary, this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any portion of the Guaranteed Obligations is revoked, terminated, rescinded or reduced or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of a Borrower or any other Person or otherwise, as if such payment had not been made and whether or not the Administrative Agent is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. (b) Subject to clause (a) regarding reinstatement, this Guaranty shall terminate and be released on the date the Guaranteed Obligations are Paid In Full.

Reinstatement and Termination. (a) Notwithstanding anything in this Guaranty to the contrary, this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any portion of the Guaranteed Obligations is revoked, terminated, rescinded or reduced or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of a any Borrower or any other Person or otherwise, as if such payment had not been made and whether or not the Administrative Agent Lender is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. (b) Subject to clause (a) regarding reinstatement, this Guaranty shall terminate and be released on the date the Guaranteed Obligations are Obligation is Paid In Full, the Obligation under the Credit Agreement has been paid in full, and the Lender’s obligations to extend credit under the Credit Agreement have terminated.