Common use of Deferral of Chargors’ rights Clause in Contracts

Deferral of Chargors’ rights. Until all the Secured Liabilities have been irrevocably paid in full and all transactions which might give rise to Secured Liabilities have terminated and/or completed and unless Investor otherwise directs, Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under the Transaction Documents or by reason of any amount being payable or liability arising, under this Deed: (a) to be indemnified by Obligor; (b) to claim any contribution from any other provider of security for or guarantor of any other Obligor’s obligations under the Transaction Documents; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of Investor under the Transaction Documents or of any other guarantee or security taken pursuant to, or in connection with, the Transaction Documents by Investor; (d) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which Chargor has given a guarantee, undertaking or indemnity; (e) to exercise any right of set-off against any Obligor; and/or (f) to claim or prove as a creditor of any Obligor in competition with Investor. If Chargor receives any benefit, payment or distribution in relation to such rights, it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to Investor by the Obligors under or in connection with the Transaction Documents to be repaid in full on trust for Investor and shall promptly pay or transfer the same to Investor or as Investor may direct for application in accordance with Clause 11.2 (Order of Distributions).

Deferral of Chargors’ rights. (a) Until all the Secured Liabilities have been irrevocably paid in full and all transactions which might give rise to Secured Liabilities have terminated and/or completed Final Discharge Date and unless Investor the Security Agent otherwise directs, no Chargor will not shall exercise any rights which it may have to: (i) be indemnified by reason any other Chargor or Obligor or surety or Group Company of performance by it of its any Debtor’s or Chargor’s obligations under the Transaction Documents or by reason of any amount being payable or liability arising, under this Deed: (a) to be indemnified by ObligorSecured Debt Documents; (bii) to claim any contribution from any other provider of security for or guarantor Obligor in respect of any other ObligorDebtor’s obligations under the Transaction Secured Debt Documents; (ciii) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of Investor the Secured Parties under the Transaction Secured Debt Documents or of any other guarantee or security taken pursuant to, or in connection with, the Transaction Secured Debt Documents by Investorany Secured Party; (div) to bring legal or other proceedings for an order requiring any Obligor or any Chargor to make any payment, or perform any obligation, in respect of which the Obligor or the Chargor has had given a guarantee, undertaking or indemnity; (ev) to exercise any right of set-off against any Obligora Debtor; and/or (fvi) to claim or prove as a creditor of any Obligor Debtor in competition with Investor. any Secured Party. (b) If a Chargor receives any benefit, payment or distribution in relation to such rights, rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to Investor the Secured Parties by the Obligors Chargors and Debtors under or in connection with the Transaction Secured Debt Documents to be repaid in full on trust for Investor the Secured Parties and shall promptly pay or transfer the same to Investor the Security Agent or as Investor the Security Agent may direct for application in accordance with Clause 11.2 (Order of Distributions)the Intercreditor Agreement.

Deferral of Chargors’ rights. Until all Unless the Secured Liabilities have been irrevocably paid in full and all transactions which might give rise to Secured Liabilities have terminated and/or completed and unless Investor Security Period has expired or the Security Agent otherwise directs, the Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under the Transaction Documents this Deed or by reason of any amount being payable payable, or liability arising, arising under this Deed: (a) to be indemnified by an Obligor; (b) to claim any contribution from any other provider of person who has provided security for or guarantor a guarantee in respect of any other Obligor’s 's obligations under the Transaction Finance Documents; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of Investor the Secured Parties under the Transaction Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Transaction Finance Documents by Investorany Secured Party; (d) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which the Chargor has given a guarantee, undertaking or indemnitygranted security under this Deed; (e) to exercise any right of set-off against any Obligor; and/or (f) to claim or prove as a creditor of any Obligor in competition with Investorany Secured Party. If the Chargor receives any benefit, payment or distribution in relation to such rights, rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to Investor the Secured Parties by the Obligors under or in connection with the Transaction Finance Documents to be repaid in full on trust for Investor the Secured Parties and shall promptly pay or transfer the same to Investor the Security Agent or as Investor the Security Agent may direct for application in accordance with Clause 11.2 (Order the terms of Distributions)this Deed.

Deferral of Chargors’ rights. Until all the Secured Liabilities have been irrevocably paid and discharged in full and all transactions facilities which might give rise to Secured Liabilities have terminated and/or completed and unless Investor the Counterparty otherwise directs, the Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under the Transaction Documents Swap Agreements or by reason of any amount being payable or liability arising, under this Deed: (a) to be indemnified by any other Obligor; (b) to claim any contribution from any other provider of security Security for or any other guarantor of any other Obligor’s obligations under the Transaction DocumentsSwap Agreements; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of Investor the Counterparty under the Transaction Documents Swap Agreements or of any other guarantee or security taken pursuant to, or in connection with, the Transaction Documents Swap Agreements by Investorthe Counterparty; (d) to bring legal or other proceedings for an order requiring any other Obligor to make any payment, or perform any obligation, in respect of which the Chargor has given a guarantee, undertaking or indemnity; (e) to exercise any right of set-off against any other Obligor; and/or (f) to claim or prove as a creditor of any other Obligor in competition with Investorthe Counterparty. If the Chargor receives any benefit, payment or distribution in relation to such rights, rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to Investor the Counterparty by the Obligors under or in connection with the Transaction Documents Swap Agreements to be repaid in full on trust for Investor the Counterparty and shall promptly pay or transfer the same to Investor the Counterparty or as Investor the Counterparty may direct for application in accordance with Clause 11.2 11 (Order of Distributionsdistributions).

Deferral of Chargors’ rights. Until all the Secured Liabilities have been irrevocably paid in full and all transactions facilities and all notes which might give rise to Secured Liabilities have terminated and/or completed and unless Investor the Security Trustee otherwise directs, no Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under the Transaction Documents or by reason of any amount being payable payable, or liability arisingliability, arising under this Deed: (a) to be indemnified by Obligora Chargor; (b) to claim any contribution from any other provider of security for Chargor or guarantor of any other ObligorChargor’s obligations under the Transaction Documents; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of Investor the Security Trustee under the Transaction Documents or of any other guarantee or security taken pursuant to, or in connection with, the Transaction Documents by Investorthe Security Trustee; (d) to bring legal or other proceedings for an order requiring any Obligor Chargor to make any payment, or perform any obligation, in respect of which any Chargor has given a guarantee, undertaking or indemnity; (e) to exercise any right of set-off against any ObligorChargor; and/or (f) to claim or prove as a creditor of any Obligor Chargor in competition with Investorthe Security Trustee. If a Chargor receives any benefit, payment or distribution in relation to such rights, rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to Investor the Security Trustee by the Obligors Chargors under or in connection with the Transaction Documents to be repaid in full on trust for Investor the Security Trustee and shall promptly pay or transfer the same to Investor the Security Trustee or as Investor the Security Trustee may direct for application in accordance with Clause 11.2 16 (Order of Distributionsdistributions).