Common use of Settlement Conditional Clause in Contracts

Settlement Conditional. Any settlement or discharge between the Agent, the Banks and the Borrower and/or the Guarantors is conditional on any security or payment given or made by the Borrower, any Guarantor or any other person in relation to the Obligations not being avoided, repaid or reduced by virtue of any Insolvency Provision. If such security or payment is so avoided, repaid or reduced, the Agent and the Banks are entitled to recover the value or amount of such security or payment avoided, repaid or reduced from the Borrower and the Guarantors subsequently as if such settlement or discharge had not occurred.

Settlement Conditional. Any settlement or discharge between the AgentAgents, the Banks and the Borrower and/or the Guarantors is conditional on any security or payment given or made by the Borrower, any Guarantor or any other person in relation to the Obligations not being avoided, repaid or reduced by virtue of any Insolvency Provision. If such security or payment is so avoided, repaid or reduced, the Agent Agents and the Banks are entitled to recover the value or amount of such security or payment avoided, repaid or reduced from the Borrower and the Guarantors subsequently as if such settlement or discharge had not occurred.