Common use of Discharge and Release Clause in Contracts

Discharge and Release. Notwithstanding any discharge, release or settlement from time to time between any Finance Party and the Guarantor or any other Security Party, if any security, disposition or payment granted or made to any Finance Party in respect of the Guaranteed Obligations by the Guarantor or any other person is avoided or set aside or ordered to be surrendered, paid away, refunded or reduced by virtue of any provision, law or enactment relating to bankruptcy, insolvency, liquidation, winding-up, composition or arrangement for the time being in force or for any other reason, the Security Trustee shall be entitled hereafter to enforce this Deed as if no such discharge, release or settlement had occurred.