Common use of DISCHARGE CONDITIONAL Clause in Contracts

DISCHARGE CONDITIONAL. 12.5.1 Any release, discharge or settlement between the Guarantor and the Lender in relation to this guarantee shall be conditional on no right, Security Interest, disposition or payment [***] Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to omitted portions. to the Lender by an Obligor or any other person in respect of the Guaranteed Obligations 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. 12.5.2 If any right, Security Interest, disposition or payment referred to in clause 12.5.1 is avoided, set aside or ordered to be refunded, the Lender shall be entitled subsequently to enforce this guarantee against the Guarantor as if such release, discharge or settlement had not occurred and any such right, Security, disposition or payment had not been given or made.