Settlement Conditional. Any settlement or discharge between ACE and the Bank shall be conditional upon no security or payment to the Bank by or on behalf of ACE being avoided or reduced by virtue of any law relating to bankruptcy, insolvency, liquidation or any similar law of general application, and if any such security or payment is so avoided or reduced, the Bank shall be entitled to recover the value or amount of such security or payment from ACE subsequently as if such settlement or discharge had not occurred.
Appears in 5 contracts
Samples: Letter of Credit Facility Agreement, Facility Agreement (ACE LTD), Facility Agreement (ACE LTD)
