Common use of Extent of discharge Clause in Contracts

Extent of discharge. Any Junior Recoveries, or any other payment required to be paid by any Junior Party under this Agreement, or any order, judgment or award given or made in relation to such amount, received or recovered in a currency other than the currency of the Senior Debt by the Agent shall not constitute a discharge of all or any part of the Senior Debt unless and until the Agent converts the currency received at a market rate of exchange in its usual course of business to the currency of the Senior Debt and applies the proceeds of conversion in or towards discharge of the Senior Debt, in accordance with this Agreement.

Extent of discharge. Any Junior Recoveries, or any other payment required to be paid by any Junior Finance Party or Obligor under this Agreement, or any order, judgment or award given or made in relation to such amount, received or recovered in a currency other than the currency of the Senior Debt by the Agent shall not constitute a discharge of all or any part of the Senior Debt unless and until the Agent converts the currency received at a market rate of exchange in its usual course of business to the currency of the Senior Debt and applies the proceeds of conversion in or towards discharge of the Senior Debt, in accordance with this Agreement.