Common use of Deferral of Guarantors Clause in Contracts

Deferral of Guarantors. rights Until all amounts which may be or become payable by the Security Parties under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, the Guarantors will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 18: 18.9.1 to be indemnified by a Security Party; 18.9.2 to claim any contribution from any other guarantor of any Security Party's obligations under the Finance Documents; 18.9.3 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 18.9.4 to bring legal or other proceedings for an order requiring any Security Party to make any payment, or perform any obligation, in respect of which the Guarantors have given a guarantee, undertaking or indemnity under Clause 18.1 (Guarantee and indemnity); 18.9.5 to exercise any right of set-off against any Security Party; and/or 18.9.6 to claim or prove as a creditor of any Security Party in competition with any Finance Party. If the Guarantors receive any benefit, payment or distribution in relation to such rights they shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Security Parties under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 29 (Payment mechanics).

Deferral of Guarantors. rights Until all amounts which may be or become payable by the Security Parties under or in connection with the Finance Documents have been irrevocably paid in full and unless the Security Agent otherwise directs, the Guarantors Guarantor will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 18: 18.9.1 Guarantee: 3.7.1 to be indemnified by a Security Party; 18.9.2 3.7.2 to claim any contribution from any other guarantor of any Security Party's ’s obligations under the Finance Documents; 18.9.3 3.7.3 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 18.9.4 3.7.4 to bring legal or other proceedings for an order requiring any Security Party to make any payment, or perform any obligation, in respect of which the Guarantors have any Guarantor has given a guarantee, undertaking or indemnity under Clause 18.1 (Guarantee and indemnity)2; 18.9.5 3.7.5 to exercise any right of set-off against any Security Party; and/or 18.9.6 3.7.6 to claim or prove as a creditor of any Security Party in competition with any Finance Party. If the Guarantors receive Guarantor receives any benefit, payment or distribution in relation to such rights they it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Security Parties under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Security Agent or as the Security Agent may direct for application in accordance with Clause 29 clause 28 of the Loan Agreement (Payment mechanicsMechanics).