Common use of Exclusion of the Guarantor’s Rights Clause in Contracts

Exclusion of the Guarantor’s Rights. 5.1 Until the obligations of the Obligors under the Loan Agreement and each other Security Document to which they are a party have been fully performed, the Guarantor shall not: 5.1.1 be entitled to share in or succeed to or benefit from (by subrogation or otherwise) any rights which the Beneficiaries may have in respect of the Outstanding Indebtedness or any security therefor or all or any of the proceeds of such rights or security; or 5.1.2 without the prior written consent of the Beneficiaries: (a) exercise in respect of any amount paid by the Guarantor hereunder any right of indemnity, subrogation, contribution or any other right or remedy which it may have in respect thereof; or (b) claim payment of any other monies for the time being due to the Guarantor or to which it may become entitled or exercise or enforce or benefit from any other right, remedy or security in respect thereof; or (c) prove in a liquidation of any Obligor in competition with the Beneficiaries for any monies owing to the Guarantor by any other Obligor on any account whatsoever, PROVIDED ALWAYS that if the Guarantor, in breach of this Clause, receives or recovers any monies pursuant to any such exercise, claim or proof, such monies shall be held by the Guarantor as trustee upon trust for the Beneficiaries to apply the same as if they were monies received or recovered by the Beneficiaries under this Deed.

Exclusion of the Guarantor’s Rights. 5.1 Until the obligations of any Obligor or the Obligors Builder under the Loan Agreement and each other Security Document to which they are any Obligor or the Builder is a party have been fully performed, the Guarantor shall not: 5.1.1 be entitled to share in or succeed to or benefit from (by subrogation or otherwise) any rights which the Beneficiaries Trustee may have in respect of the Outstanding Indebtedness or any security therefor or all or any of the proceeds of such rights or security; or 5.1.2 without the prior written consent of the BeneficiariesTrustee: (a) exercise in respect of any amount paid by the Guarantor hereunder any right of indemnity, subrogation, contribution or any other right or remedy which it may have in respect thereof; or (b) claim payment of any other monies for the time being due to the Guarantor or to which it may become entitled or exercise or enforce or benefit from any other right, remedy or security in respect thereof; or (c) prove in a liquidation of any Obligor or the Builder in competition with the Beneficiaries Trustee for any monies owing to the Guarantor by any other Obligor or the Builder on any account whatsoever, PROVIDED ALWAYS that if the Guarantor, in breach of this Clause, receives or recovers any monies pursuant to any such exercise, claim or proof, such monies shall be held by the Guarantor as trustee upon trust for the Beneficiaries Trustee to apply the same as if they were monies received or recovered by the Beneficiaries Trustee under this Deed.

Exclusion of the Guarantor’s Rights. 5.1 Until the obligations of any Obligor or the Obligors Builder under the Loan Agreement Agreements and each other Security Document to which they are any Obligor or the Builder is a party have been fully performed, the Guarantor shall not: 5.1.1 be entitled to share in or succeed to or benefit from (by subrogation or otherwise) any rights which the Beneficiaries Trustees may have in respect of the Outstanding Indebtedness or any security therefor or all or any of the proceeds of such rights or security; or 5.1.2 without the prior written consent of the BeneficiariesTrustees: (a) exercise in respect of any amount paid by the Guarantor hereunder any right of indemnity, subrogation, contribution or any other right or remedy which it may have in respect thereof; or (b) claim payment of any other monies for the time being due to the Guarantor or to which it may become entitled or exercise or enforce or benefit from any other right, remedy or security in respect thereof; or (c) prove in a liquidation of any Obligor or the Builder in competition with the Beneficiaries Trustees for any monies owing to the Guarantor by any other Obligor or the Builder on any account whatsoever, PROVIDED ALWAYS that if the Guarantor, in breach of this Clause, receives or recovers any monies pursuant to any such exercise, claim or proof, such monies shall be held by the Guarantor as trustee upon trust for the Beneficiaries Trustees to apply the same as if they were monies received or recovered by the Beneficiaries Trustees under this Deed.