Common use of Settlement Conditional Clause in Contracts

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

Settlement Conditional. Any settlement or discharge between the relevant a Revolving Borrower and the L/C Fronting Bank or a Lender Bank shall be conditional upon no security or payment to the Front­ing L/C Fronting Bank or Lender Bank by the such Revolving Borrower, or any other person on behalf of the Bor­rowersuch Revolving Borrower, being avoided or reduced by virtue of any laws relating to bankruptcy, in- solvencyinsolvency, liquidation or similar laws of general application and, if any such se­curity security or payment is so avoided or reduced, the L/C Fronting Bank or Lender Bank shall be entitled to recover the value or amount of such security or payment from the such Revolving Borrower subsequently as if such settlement or discharge had not occurred.

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