Common use of EFFECTIVENESS OF COLLATERAL; DISCHARGE OF SECURED DEBT Clause in Contracts

EFFECTIVENESS OF COLLATERAL; DISCHARGE OF SECURED DEBT. (a) The collateral constituted by this Agreement and the Collateral Rights shall be cumulative, in addition to and independent of every other security which the Pledgee may at any time hold for the Secured Debt or any rights, powers and remedies provided by law. (b) Until all Secured Debt which may be or become payable to the Pledgee under or in connection with the Finance Documents has been irrevocably paid in full and unless the Pledgee otherwise agrees, the Pledgor will not exercise any rights which it may have upon Enforcement (i) to be indemnified by an Obligor, (ii) to claim any contribution from any guarantor of the obligations of any Obligor under the Finance Documents and/or (iii) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Pledgee under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with the Finance Documents by the Pledgee.

EFFECTIVENESS OF COLLATERAL; DISCHARGE OF SECURED DEBT. (a) The collateral constituted by this Agreement and the Collateral Rights shall be cumulative, in addition to and independent of every other security which the Pledgee may at any time hold for the Secured Debt or any rights, powers and remedies provided by law. (b) Until all Secured Debt which may be or become payable to the Pledgee under or in connection with the Finance Documents has been irrevocably paid in full and unless the Pledgee otherwise agrees, the Pledgor will not exercise any rights which it may have upon Enforcement (i) to be indemnified by an Obligorthe Pledgor, (ii) to claim any contribution from any guarantor of the obligations of any Obligor the Pledgor under the Finance Documents and/or (iii) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Pledgee under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with the Finance Documents by the Pledgee.