Common use of Deferral of the Guarantor's rights Clause in Contracts

Deferral of the Guarantor's rights. Until all amounts which may be or become payable by the Obligors under or in connection with the Secured Documents have been irrevocably paid in full and unless the Facility Agent (or, as the case may be, the Security Agent) otherwise directs, no Guarantor shall exercise any rights which it may have by reason of performance by it of its obligations under the Secured Documents or by reason of any amount being payable, or liability arising, under this Clause 19: (a) to be indemnified by an Obligor; (b) to claim any contribution from any other guarantor of any Obligor's obligations under the Secured Documents; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Secured Documents or of any other guarantee or security taken pursuant to, or in connection with, the Secured Documents by any 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 Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 (Guarantee and 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 any Secured Party. If a Guarantor 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 the Secured Parties by the Obligors under or in connection with the Secured Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 30 (Payment Mechanics).

Deferral of the Guarantor's rights. Until all amounts which may be or become payable by the Obligors under or in connection with the Secured Finance Documents and the Hedging Agreements have been irrevocably paid in full and unless the Facility Agent (or, as the case may be, the Security Agent) otherwise directs, no Guarantor shall will exercise any rights which it may have by reason of performance by it of its obligations under the Secured Finance Documents and the Hedging Agreements or by reason of any amount being payable, or liability arising, under this Clause 19:19 (Guarantee and indemnity): (a) to be indemnified by an Obligor; (b) to claim any contribution from any other guarantor of any Obligor's ’s obligations under the Secured DocumentsFinance Documents and the Hedging Agreements; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Finance Parties under the Secured Finance Documents or of any other ​ guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party or any rights of the Hedging Banks under the Hedging Agreements or of any other guarantee or security taken pursuant to, or in connection with, the Secured Documents Hedging Agreements by any Secured PartyHedging Bank; (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 that Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 (Guarantee and indemnityIndemnity); (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 any Secured PartyFinance Party or any Hedging Bank. If a Guarantor 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 the Secured Finance Parties by the Obligors under or in connection with the Secured Finance Documents and to the Hedging Banks under or in connection with the Hedging Agreements to be repaid in full on trust for the Secured Finance Parties and the Hedging Banks and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 30 31 (Payment Mechanicsmechanics).

Deferral of the Guarantor's rights. Until all amounts which may be or become payable by the Obligors Issuer under or in connection with the Secured Finance Documents have been irrevocably paid in full and unless the Facility Agent (or, as the case may be, the Security Agent) Bond Trustee otherwise directs, no the Guarantor shall will not exercise any rights which it may have by reason of performance by it of its obligations under the Secured Documents or by reason of any amount being payable, or liability arising, under this Clause 19Finance Documents: (a) to be indemnified by an Obligorthe Issuer; (b) to claim any contribution from any other guarantor of any Obligorthe Issuer's obligations under the Secured Finance Documents; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Finance Parties under the Secured Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Secured Finance Documents by any Secured Partythe Bond Trustee or the Bondholders; (d) to bring legal or other proceedings for an order requiring any Obligor the Issuer to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 8.3 (Guarantee and indemnity); (e) to exercise any right of set-off against any Obligorthe Issuer; and/or (f) to claim or prove as a creditor of any Obligor the Issuer in competition with any Secured Partythe Bond Trustee or the Bondholders. If a the Guarantor 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 the Secured Parties Bond Trustee and the Bondholders by the Obligors Issuer under or in connection with the Secured Finance Documents to be repaid in full on trust for the Secured Parties Bond Trustee and the Bondholders and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct Bond Trustee for application in accordance with Clause 30 (Payment Mechanics)to the Bondholders.

Deferral of the Guarantor's rights. Until all amounts which may be or become payable by the Obligors under or in connection with the Secured Finance Documents have been irrevocably paid in full and unless the Facility Agent (or, as the case may be, the Security Agent) otherwise directs, no the Guarantor shall will not exercise any rights which it may have by reason of performance by it of its obligations under the Secured Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19: (a) 17: to be indemnified by an Obligor; (b) ; to claim any contribution from any other guarantor of any Obligor's obligations under the Secured Finance Documents; (c) ; to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Finance Parties under the Secured Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Secured Finance Documents by any Secured Finance 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 Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 17.1 (Guarantee and indemnity); (e) ; to exercise any right of set-off against any Obligor; and/or (f) and/or to claim or prove as a creditor of any Obligor in competition with any Secured Finance Party. If a the Guarantor 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 the Secured Finance Parties by the Obligors under or in connection with the Secured Finance Documents to be repaid in full on trust for the Secured Finance Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 30 27 (Payment Mechanicsmechanics).

Deferral of the Guarantor's rights. Until all amounts which may be or become payable by the Obligors under or in connection with the Secured Documents Guaranteed Liabilities have been irrevocably paid and satisfied in full and unless the Facility Agent (or, as the case may be, the Security Agent) Trustee otherwise directs, no the Guarantor shall will not exercise any rights which it may have by reason of performance by it of its obligations under the Secured Documents this Deed or by reason of any amount being payable, or liability arising, arising under this Clause 19Deed: (ai) to be indemnified by an Obligorthe Sponsor and/or any of the IMPS Employers; (bii) to claim any contribution from any other guarantor of the Sponsor’s and/or any Obligor's of the IMPS Employers’ obligations under or liabilities to make payments to the Secured DocumentsScheme; (ciii) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties Trustee or the Scheme in respect of the Sponsor’s and/or any of the IMPS Employers’ obligations or liabilities to make payments to the Trustee or the Scheme, or under the Secured Documents or of pursuant to any other guarantee or security taken pursuant to, or in connection with, with such obligations or liabilities of the Secured Documents Sponsor and/or any of the IMPS Employers by any Secured Partythe Trustee; (div) to bring legal or other proceedings for an order requiring the Sponsor and/or any Obligor of the IMPS Employers to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 (Guarantee and indemnity)this Deed; (ev) to exercise any right of set-off against the Sponsor and/or any Obligorof the IMPS Employers; and/or (fvi) to claim or prove as a creditor of the Sponsor and/or any Obligor of the IMPS Employers in competition with the Trustee or the Scheme. The Guarantor must hold in trust for and immediately pay or transfer to the Trustee any Secured Party. If a Guarantor receives any benefit, payment or distribution in relation or benefit of security received by it contrary to such rights it shall hold that benefit, payment this Clause 20 or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Secured Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with any directions given by the Trustee under this Clause 30 (Payment Mechanics)20.

Deferral of the Guarantor's rights. Until all amounts which may be or become payable by the Obligors Borrowers under or in connection with the Secured Finance Documents and any Hedging Agreement have been irrevocably paid in full and unless the Facility Agent (or, as the case may be, the Security Agent) Lender otherwise directs, no the Guarantor shall will not exercise any rights which it may have by reason of performance by it of its obligations under the Secured Finance Documents and any Hedging Agreement or by reason of any amount being payable, or liability arising, under this Clause 19:18 (Guarantee and indemnity): (a) to be indemnified by an Obligorthe Borrowers; (b) to claim any contribution from any other guarantor of any Obligor's the Borrowers' obligations under the Secured DocumentsFinance Documents or any Hedging Agreement; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties Security Trustee, the Lender or the Hedging Bank under the Secured Finance Documents and any Hedging Agreement or of any other guarantee or security taken pursuant to, or in connection with, the Secured Finance Documents and any Hedging Agreement by any Secured Partythe Security Trustee, the Lender or the Hedging Bank; (d) to bring legal or other proceedings for an order requiring any Obligor the Borrowers to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 18.1 (Guarantee and indemnity); (e) to exercise any right of set-off against any Obligorthe Borrowers; and/or (f) to claim or prove as a creditor of any Obligor the Borrowers in competition with any Secured Partythe Security Trustee, the Lender or the Hedging Bank. If a the Guarantor 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 the Secured Parties Lender and the Hedging Bank by the Obligors Borrowers under or in connection with the Secured Finance Documents and any Hedging Agreement to be repaid in full on trust for the Secured Parties Lender and the Hedging Bank and shall promptly pay or transfer the same to the Facility Agent Lender or as the Facility Agent Lender may direct for application in accordance with Clause 30 29 (Payment Mechanicsmechanics).

Deferral of the Guarantor's rights. Until all amounts which may be or become payable by the Obligors Borrower under or in connection with the Secured Finance Documents have been irrevocably paid in full and unless the Facility Agent (or, as the case may be, the Security Agent) otherwise directs, no the Guarantor shall will not exercise any rights which it they may have by reason of performance by it of its obligations under the Secured Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19:18 (Guarantee and indemnity): (a) to be indemnified by an Obligorthe Borrower; (b) to claim any contribution from any other guarantor of any Obligor's the Borrower’s obligations under the Secured Finance Documents; (c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Finance Parties under the Secured Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Secured Finance Documents by any Secured Finance Party; (d) to bring legal or other proceedings for an order requiring any Obligor the Borrower to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 18.1 (Guarantee and indemnity); (e) to exercise any right of set-off against any Obligorthe Borrower; and/or (f) to claim or prove as a creditor of any Obligor the Borrower in competition with any Secured Finance Party. If a the Guarantor 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 the Secured Finance Parties by the Obligors Borrower under or in connection with the Secured Finance Documents to be repaid in full on trust for the Secured Finance Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 30 (Payment Mechanicsmechanics).