Common use of Deferral of Chargors’ rights Clause in Contracts

Deferral of Chargors’ rights. Until all the Obligations have been irrevocably paid or discharged in full, the Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under this Deed: (a) to be indemnified by any person; (b) to claim any contribution from any other provider of any Encumbrance for or any other guarantor of any person’s obligations under or in connection with this Deed and/or (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Chargee or of any guarantee or Encumbrance taken pursuant to, or in connection with, this Deed. The Chargor must hold in trust for and immediately pay or transfer to the Chargee any payment or distribution or benefit of any Encumbrance received by it contrary to this Clause or in accordance with any directions given by the Chargee under this Clause.

Deferral of Chargors’ rights. Until all the Obligations have been irrevocably paid or discharged in full, the no Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under this Deed: (a) to be indemnified by any person; (b) to claim any contribution from any other provider of any Encumbrance for or any other guarantor of any person’s obligations under or in connection with this Deed any Chargee Transaction Document; and/or (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Chargee or of any guarantee or Encumbrance taken pursuant to, or in connection with, this Deedany Chargee Transaction Document. The Each Chargor must hold in trust for and immediately pay or transfer to the Chargee any payment or distribution or benefit of any Encumbrance received by it contrary to this Clause or in accordance with any directions given by the Chargee under this Clause.