Common use of CONDITIONAL DISCHARGE Clause in Contracts

CONDITIONAL DISCHARGE. 5.1 Any release, discharge or settlement between the Guarantor and the Payee in relation to this deed shall be conditional on no right, security, disposition or payment to the Payee by the Guarantor, the Payer or any other person being avoided, set aside or ordered to be refunded pursuant to any enactment or law relating to breach of duty by any person, bankruptcy, liquidation, administration, protection from creditors generally or insolvency or for any other reason. 5.2 If any such right, security, disposition or payment is avoided, set aside or ordered to be refunded, the Payee shall be entitled subsequently to enforce this deed against the Guarantor as if such release, discharge or settlement had not occurred and any such security, disposition or payment had not been made.