Common use of Settlement Conditional Clause in Contracts

Settlement Conditional. Any settlement or discharge between the Account Party and a Lender shall be conditional upon no security or payment to such Lender by the Account Party or any other person on behalf of the Account Party, 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, such Lender shall be entitled to recover the value or amount of such security or payment from the Account Party subsequently as if such settlement or discharge had not occurred.

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

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

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