Common use of Settlement Conditional Clause in Contracts

Settlement Conditional. If: (a) any Finance Party has at any time released or discharged: (i) an Obligor from its obligations under any Finance Document; or (ii) any assets of an Obligor from a Security, in either case in reliance on a payment, receipt or other transaction to or in favour of any Finance Party; or (b) any payment, receipt or other transaction to or in favour of any Finance Party has the effect of releasing or discharging: (i) an Obligor from its obligations under any Finance Document; or (ii) any assets of an Obligor from a Security; and (c) that payment, receipt or other transaction is subsequently claimed by any person to be void, voidable or capable of being set aside for any reason (including under any law relating to insolvency, sequestration, liquidation, winding up or bankruptcy and any provision of any agreement, arrangement or scheme, formal or informal, relating to the administration of any of the assets of any person); and (d) that claim is upheld or is conceded or compromised by a Finance Party, then: (i) each Finance Party will immediately become entitled against that Obligor to all rights (including under any Finance Document) as it had immediately before that release or discharge; and (ii) that Obligor must, to the extent permitted by law: (A) immediately do all things and execute all documents as any Finance Party may, acting reasonably, require to restore to each Finance Party all those rights; and (B) indemnify each Finance Party against all costs and losses suffered or incurred by it in or in connection with any negotiations or proceedings relating to the claim or as a result of the upholding, concession or compromise of the claim. This clause 36.4 survives in accordance with clause 49 (Indemnities and Reimbursement).

Settlement Conditional. If: (a) either: (i) any Finance Party has at any time released or discharged: (iA) an Obligor from its obligations under any Finance Document; or (iiB) any assets of an Obligor from a Security, in either case in reliance on a payment, receipt or other transaction to or in favour of any Finance Party; or (bii) any payment, receipt or other transaction to or in favour of any Finance Party has the effect of releasing or discharging: (iA) an Obligor from its obligations under any Finance Document; or (iiB) any assets of an Obligor from a Security; and (cb) that payment, receipt or other transaction is subsequently claimed by any person to be void, voidable or capable of being set aside for any reason (including under any law relating to insolvency, sequestration, liquidation, winding up or bankruptcy and any provision of any agreement, arrangement or scheme, formal or informal, relating to the administration of any of the assets of any person); and (dc) that claim is upheld or is conceded or compromised by a Finance Party, then: (i) each Finance Party will immediately become entitled against that Obligor to all rights (including under any Finance Document) as it had immediately before that release or discharge; and (ii) that Obligor must, to the extent permitted by law: (A) immediately do all things and execute all documents as any Finance Party may, acting reasonably, require to restore to each Finance Party all those rights; and (B) indemnify each Finance Party against all costs and losses suffered or incurred by it in or in connection with any negotiations or proceedings relating to the claim or as a result of the upholding, concession or compromise of the claim. This clause 36.4 survives in accordance with clause 49 (Indemnities and Reimbursement).

Settlement Conditional. If: (a) either: (i) any Finance Party has at any time released or discharged: (iA) an Obligor from its obligations under any Finance Document; or (iiB) any assets of an Obligor from a Security, in either case in reliance on a payment, receipt or other transaction to or in favour of any Finance Party; or (bii) any payment, receipt or other transaction to or in favour of any Finance Party has the effect of releasing or discharging: (iA) an Obligor from its obligations under any Finance Document; or (iiB) any assets of an Obligor from a Security; and (cb) that payment, receipt or other transaction is subsequently claimed by any person to be void, voidable or capable of being set aside for any reason (including under any law relating to insolvency, sequestration, liquidation, winding up or bankruptcy and any provision of any agreement, arrangement or scheme, formal or informal, relating to the administration of any of the assets of any person); and (dc) that claim is upheld or is conceded or compromised by a Finance Party, then: (i) each Finance Party will immediately become entitled against that Obligor to all rights (including under any Finance Document) as it had immediately before that release or discharge; and and (ii) that Obligor must, to the extent permitted by law: (A) immediately do all things and execute all documents as any Finance Party may, acting reasonably, require to restore to each Finance Party all those rights; and (B) indemnify each Finance Party against all costs and losses suffered or incurred by it in or in connection with any negotiations or proceedings relating to the claim or as a result of the upholding, concession or compromise of the claim. This clause 36.4 survives in accordance with clause 49 (Indemnities and Reimbursement).