Settlements conditional. Any release, discharge or settlement between the Charterer and the Security Agent shall be conditional upon no security, disposition or payment to the Security Agent by the Owner or any other person liable being void, set aside or ordered to be refunded pursuant to any enactment or law relating to bankruptcy, liquidation, administration or insolvency or for any other reason whatsoever and if such condition shall not be fulfilled the Security Agent shall be entitled to enforce this Deed subsequently as if such release, discharge or settlement had not occurred and any such payment had not been made.
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Sources: Tripartite Deed of Covenant (DryShips Inc.), Tripartite Deed of Covenant (DryShips Inc.)
Settlements conditional. Any release, discharge or settlement between the Charterer and the Security Agent shall be conditional upon no security, disposition or payment to the Security Agent by the Owner or any other person liable being void, set aside or ordered to be refunded pursuant to any enactment or law relating to bankruptcy, liquidation, administration or insolvency or for any other reason whatsoever and if such condition shall not be fulfilled the Security Agent shall be entitled to enforce this Deed subsequently as if such release, discharge or settlement had not occurred and any such payment had not been made.
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