Common use of DISCHARGE CONDITIONAL Clause in Contracts

DISCHARGE CONDITIONAL. If the Pledgee considers that an amount paid towards satisfaction of the Secured Obligations is or is reasonably likely to be void, avoided or otherwise set aside on the insolvency, liquidation or administration of the payer or otherwise, then such obligations shall not be considered to have been irrevocably paid for the purposes of this Deed and the Pledges will continue to secure the payment of such Secured Obligation as if such discharge had not occurred.