Common use of No Subrogation, Contribution, Reimbursement or Indemnity Clause in Contracts

No Subrogation, Contribution, Reimbursement or Indemnity. Notwithstanding anything to the contrary in this Section 13, the Company hereby irrevocably waives all rights which may have arisen in connection with the guarantee contained in this Section 13 to be subrogated to any of the rights (whether contractual, under the United States Bankruptcy Code (or similar action under any successor law or under any comparable law), including Section 509 thereof, under common law or otherwise) of the Administrative Agents, any Lender or the Canadian Operating Facility Lender against the Canadian Borrower or against either Administrative Agent or any such lender for the payment of the Canadian Borrower Obligations or the Canadian Operating Facility Obligations, until all the Canadian Borrower Obligations and Canadian Operating Facility Obligations shall have been paid in full and each of the Canadian Term Loan Commitments and the Canadian Operating Facility shall have been terminated. The Company hereby further irrevocably waives all contractual, common law, statutory and other rights of reimbursement, contribution, exoneration or indemnity (or any similar right) from or against the Canadian Borrower or any other Person which may have arisen in connection with the guarantee contained in this Section 13, until the Canadian Borrower Obligations and the Canadian Operating Facility Obligations shall have been paid in full and the Canadian Term Loan Commitments and the Canadian Operating Facility shall have been terminated. So long as the Canadian Borrower Obligations or the Canadian Operating Facility Obligations remain outstanding, if any amount shall be paid by or on behalf of the Canadian Borrower to the Company on account of any of the rights waived in this Section 13.2, such amount shall be held by the Company in trust, segregated from other funds of the Company, and shall, forthwith upon receipt by the Company, be turned over to the Canadian Administrative Agent in the exact form received by the Company (duly indorsed by the Company to the Canadian Administrative Agent, if required), to be applied against the Canadian Borrower Obligations and the Canadian Operating Facility Obligations, whether matured or unmatured, in such order as the Canadian Administrative Agent may determine. The provisions of this Section 13.2 shall survive the term of the guarantee contained in this Section 13 and the payment in full of the Canadian Borrower Obligations and the Canadian Operating Facility Obligations and the termination of the Canadian Term Loan Commitments and the Canadian Operating Facility.

Appears in 3 contracts

Samples: Credit Agreement (Safety Kleen Corp/), Credit Agreement (Laidlaw Environmental Services Inc), Guarantee and Collateral Agreement (Laidlaw Environmental Services Inc)

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No Subrogation, Contribution, Reimbursement or Indemnity. Notwithstanding anything to the contrary in this Section 13, the Company hereby irrevocably waives all rights which may have arisen in connection with the guarantee contained in this Section 13 to be subrogated to any of the rights (whether contractual, under the United States Bankruptcy Code (or similar action under any successor law or under any comparable law), including Section 509 thereof, under common law or otherwise) of the Administrative Agents, any Lender or the Canadian Operating Facility Lender against the Canadian Borrower or against either Administrative Agent or any such lender for the payment of the Canadian Borrower Obligations or the Canadian Operating Facility Obligations, until all the Canadian Borrower Obligations and Canadian Operating Facility Obligations shall have been paid in full and each of the Canadian Term Loan Commitments and the Canadian Operating Facility shall have been terminated. The Company hereby further irrevocably waives all contractual, common law, statutory and other rights of reimbursement, contribution, exoneration or indemnity (or any similar right) from or against the Canadian Borrower or any other Person which may have arisen in connection with the guarantee contained in this Section 13, until the Canadian Borrower Obligations and the Canadian Operating Facility Obligations shall have been paid in full and the Canadian Term Loan Commitments and the Canadian Operating Facility shall have been terminated. So long as the Canadian Borrower Obligations or the Canadian Operating Facility Obligations remain outstanding, if any amount shall be paid by or on behalf of the Canadian Borrower to the Company on account of any of the rights waived in this Section 13.2, such amount shall be held by the Company in trust, segregated from other 115 109 funds of the Company, and shall, forthwith upon receipt by the Company, be turned over to the Canadian Administrative Agent in the exact form received by the Company (duly indorsed by the Company to the Canadian Administrative Agent, if required), to be applied against the Canadian Borrower Obligations and the Canadian Operating Facility Obligations, whether matured or unmatured, in such order as the Canadian Administrative Agent may determine. The provisions of this Section 13.2 shall survive the term of the guarantee contained in this Section 13 and the payment in full of the Canadian Borrower Obligations and the Canadian Operating Facility Obligations and the termination of the Canadian Term Loan Commitments and the Canadian Operating Facility.

Appears in 1 contract

Samples: Credit Agreement (Laidlaw Environmental Services Inc)

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