Common use of Settlement Conditional Clause in Contracts

Settlement Conditional. Any settlement or discharge between a Guarantor and any of the Finance Parties shall be conditional upon no security or payment to any Finance Party by an Obligor or any other person on behalf of an Obligor being avoided or reduced by virtue of any laws relating to bankruptcy, insolvency, liquidation or similar laws of general application and, if any such security or payment is so avoided or reduced, each Finance Party shall be entitled to recover the value or amount of such security or payment from such Guarantor subsequently as if such settlement or discharge had not occurred.

Settlement Conditional. Any settlement or discharge between a Guarantor and any of the Finance Parties shall be conditional upon no security or payment to any Finance Party by an Obligor or any other person on behalf of an Obligor being avoided or reduced by virtue of any laws relating to bankruptcy, insolvency, liquidation or similar laws of general application and, if any such security or payment is so avoided or reduced, each Finance Party shall be entitled to recover the value or amount of such security or payment from such a Guarantor subsequently as if such settlement or discharge had not occurred.

Settlement Conditional. Any settlement or discharge between a the Guarantor and any of the Finance Parties Financing Party shall be conditional upon no security Security or payment to any Finance such Financing Party by an Obligor the Guarantor or any other person entity on behalf of an Obligor the Guarantor being avoided or reduced by virtue of any laws relating to bankruptcy, insolvency, liquidation or similar laws of general application and, if any such security Security or payment is so avoided or reduced, each Finance Financing Party shall be entitled to recover the value or amount of such security Security or payment from such the Guarantor subsequently as if such settlement or discharge had not occurred.