Common use of Conditional Discharge Clause in Contracts

Conditional Discharge. Any settlement or discharge between any of the Unsecured Guarantors and the Arranger, the Agent, the Lenders or any of them shall be conditional upon no security or payment to the Arranger, the Agent and the Lenders or any of them by any Obligor or the relevant Unsecured Guarantor or any other person being avoided or set aside or ordered to be refunded or reduced by or pursuant to any applicable law or regulation and, if such condition is not satisfied, the Arranger, the Agent and the Lenders shall each be entitled to recover from the relevant Unsecured Guarantor on demand the value of any such security or the amount of any such payment as if such settlement or discharge had not occurred.