SETTLEMENT OR DISCHARGE CONDITIONAL. Any settlement or discharge under this Mortgage between the Mortgagee and the Owner shall be conditional upon no security or payment to the Mortgagee by the Owner or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.
Appears in 7 contracts
Samples: Supplemental Agreement (TBS International PLC), Supplemental Agreement (TBS International PLC), Knightsbridge Tankers LTD
SETTLEMENT OR DISCHARGE CONDITIONAL. Any settlement or discharge under the Mortgage and this Mortgage Deed (or either of them) between the Mortgagee or any other Credit Party and the Owner shall be conditional upon no security or payment to the Mortgagee or any other Credit Party by the Owner or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.
Appears in 6 contracts
Samples: Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Interaction Agreement (NCL CORP Ltd.)
SETTLEMENT OR DISCHARGE CONDITIONAL. Any settlement or discharge under this Mortgage between the Mortgagee or any other Creditor Party and the Owner shall be conditional upon no security or payment to the Mortgagee or any other Creditor Party by the Owner or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.
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