Common use of Preservation of Banks' Rights Clause in Contracts

Preservation of Banks' Rights. 8.4.1 The Guarantee is in addition to any other security, guarantee or indemnity now or in the future held by the Finance Parties in respect of the Borrower's Obligations, whether from the Borrower, the Guarantor or any other person, and shall not merge with, prejudice or be prejudiced by any such security, guarantee or indemnity or any contractual or legal right of each Finance Party. 8.4.2 Any release, settlement, discharge or arrangement relating to the liabilities of the Guarantor under the Guarantee shall be conditional on no payment, assurance or security received by the Finance Parties in respect of the Borrower's Obligations being avoided or reduced under any law (whether English or foreign) in force from time to time relating to bankruptcy, insolvency or any (in the opinion of the Agent) analogous circumstance and after any such avoidance or reduction the Finance Parties shall be entitled to exercise all of their rights, powers, discretions and remedies under or pursuant to the Guarantee and/or any other rights, powers, discretions or remedies which they would otherwise have been entitled to exercise, as if no release, settlement, discharge or arrangement had taken place. 8.4.3 Following the discharge of the Borrower's Obligations, the Finance Parties shall be entitled to retain any security which they may hold for the liabilities of the Guarantor under the Guarantee until the Finance Parties are satisfied in their reasonable discretion that they will not have to make any payment under any law referred to in Clause 8.4.2. 8.4.4 Until all claims of the Finance Parties in respect of the Borrower's Obligations have been discharged in full:- (a) the Guarantor shall not be entitled to participate in any security held or sums received by any Finance Party in respect of all or any part of the Borrower's Obligations; (b) the Guarantor shall not stand in the place of, or be subrogated for, any of the Finance Parties in respect of any security nor take any step to enforce any claim against the Borrower or any Surety (or the estate or effects of any such person) nor claim or exercise any right of set off or counterclaim against the Borrower or any Surety nor make any claim in the bankruptcy or liquidation of the Borrower or any Surety in respect of any sums paid by the Guarantor to the Finance Parties or any of them or in respect of any sum which includes the proceeds of realisation of any security at any time held by the Finance Parties or any of them in respect of all or any part of the Guarantor's Liabilities; and (c) the Guarantor shall not take any steps to enforce any claim which it may have against the Borrower or any Security Party without the prior written consent of the Agent, and then only on such terms and subject to such conditions as the Agent may impose. 8.4.5 The Guarantor's Liabilities shall be continuing for all purposes (including Interest) and every sum of money which may now or in the future be or become due or owing to the Finance Parties by the Borrower under the Security Documents to which the Borrower is a party (or which would have become due or owing had it not been for the bankruptcy, liquidation or insolvency of the Borrower) shall be deemed to continue due and owing to the Finance Parties by the Borrower until such sum is actually repaid to the Finance Parties, notwithstanding the bankruptcy, liquidation or insolvency of the Borrower. 8.4.6 The Finance Parties may, but shall not be obliged to, resort for their own benefit to any other means of payment at any time and in any order they think fit without releasing or reducing the Guarantor's Liabilities. 8.4.7 The Finance Parties may enforce the Guarantee either before or after resorting to any other means of payment or enforcement and, in the latter case, without entitling the Guarantor to any benefit from or share in any such other means of payment for so long as the Borrower's Obligations have not been discharged in full.

Preservation of Banks' Rights. 8.4.1 7.4.1 The Guarantee is in addition to any other security, guarantee or indemnity now or in the future held by the Finance Parties in respect of the Borrower's Obligations, whether from the Borrower, the Guarantor Guarantors or any other person, and shall not merge with, prejudice or be prejudiced by any such security, guarantee or indemnity or any contractual or legal right of each Finance Party. 8.4.2 7.4.2 Any release, settlement, discharge or arrangement relating to the liabilities of the Guarantor Guarantors under the Guarantee shall be conditional on no payment, assurance or security received by the Finance Parties in respect of the Borrower's Obligations being avoided or reduced under any law (whether English or foreign) in force from time to time relating to bankruptcy, insolvency or any (in the opinion of the Agent) analogous circumstance and after any such avoidance or reduction the Finance Parties shall be entitled to exercise all of their rights, powers, discretions and remedies under or pursuant to the Guarantee and/or any other rights, powers, discretions or remedies which they would otherwise have been entitled to exercise, as if no release, settlement, discharge or arrangement had taken place. 8.4.3 7.4.3 Following the discharge of the Borrower's Obligations, the Finance Parties shall be entitled to retain any security which they may hold for the liabilities of the Guarantor Guarantors under the Guarantee until the Finance Parties are satisfied in their reasonable discretion that they will not have to make any payment under any law referred to in Clause 8.4.27.4.2. 8.4.4 7.4.4 Until all claims of the Finance Parties in respect of the Borrower's Obligations have been discharged in full:- (a) the neither Guarantor shall not be entitled to participate in any security held or sums received by any Finance Party in respect of all or any part of the Borrower's Obligations; (b) the neither Guarantor shall not stand in the place of, or be subrogated for, any of the Finance Parties in respect of any security nor take any step to enforce any claim against the Borrower or any Surety (or the estate or effects of any such person) nor claim or exercise any right of set off or counterclaim against the Borrower or any Surety nor make any claim in the bankruptcy or liquidation of the Borrower or any Surety in respect of any sums paid by the either Guarantor to the Finance Parties or any of them or in respect of any sum which includes the proceeds of realisation of any security at any time held by the Finance Parties or any of them in respect of all or any part of the Guarantor's Guarantors' Liabilities; and (c) the neither Guarantor shall not take any steps to enforce any claim which it may have against the Borrower or any Security Party without the prior written consent of the Agent, and then only on such terms and subject to such conditions as the Agent may impose. 8.4.5 7.4.5 The Guarantor's Guarantors' Liabilities shall be continuing for all purposes (including Interest) and every sum of money which may now or in the future be or become due or owing to the Finance Parties by the Borrower under the Security Documents to which the Borrower is a party (or which would have become due or owing had it not been for the bankruptcy, liquidation or insolvency of the Borrower) shall be deemed to continue due and owing to the Finance Parties by the Borrower until such sum is actually repaid to the Finance Parties, notwithstanding the bankruptcy, liquidation or insolvency of the Borrower. 8.4.6 7.4.6 The Finance Parties may, but shall not be obliged to, resort for their own benefit to any other means of payment at any time and in any order they think fit without releasing or reducing the Guarantor's Guarantors' Liabilities. 8.4.7 7.4.7 The Finance Parties may enforce the Guarantee either before or after resorting to any other means of payment or enforcement and, in the latter case, without entitling the either Guarantor to any benefit from or share in any such other means of payment for so long as the Borrower's Obligations have not been discharged in full.

Preservation of Banks' Rights. 8.4.1 The Guarantee is in addition to any other security, guarantee or indemnity now or in the future held by the Finance Parties in respect of the Borrower's ’s Obligations, whether from the Borrower, the Guarantor Guarantors or any other person, and shall not merge with, prejudice or be prejudiced by any such security, guarantee or indemnity or any contractual or legal right of each Finance Party. 8.4.2 Any release, settlement, discharge or arrangement relating to the liabilities of all or any of the Guarantor Guarantors under the Guarantee shall be conditional on no payment, assurance or security received by the Finance Parties in respect of the Borrower's ’s Obligations being avoided or reduced under any law (whether English or foreign) in force from time to time relating to bankruptcy, insolvency or any (in the opinion of the Agent) analogous circumstance and after any such avoidance or reduction the Finance Parties shall be entitled to exercise all of their rights, powers, discretions and remedies under or pursuant to the Guarantee and/or any other rights, powers, discretions or remedies which they would otherwise have been entitled to exercise, as if no release, settlement, discharge or arrangement had taken place. 8.4.3 Following the discharge of the Borrower's ’s Obligations, the Finance Parties shall be entitled to retain any security which they may hold for the liabilities of each of the Guarantor Guarantors under the Guarantee until the Finance Parties are satisfied in their reasonable discretion that they will not have to make any payment under any law referred to in Clause 8.4.2. 8.4.4 Until all claims of the Finance Parties in respect of the Borrower's ’s Obligations have been discharged in full:- (a) none of the Guarantor Guarantors shall not be entitled to participate in any security held or sums received by any Finance Party in respect of all or any part of the Borrower's ’s Obligations; (b) none of the Guarantor Guarantors shall not stand in the place of, or be subrogated for, any of the Finance Parties in respect of any security nor take any step to enforce any claim against the Borrower or any Surety (or the estate or effects of any such person) nor claim or exercise any right of set off or counterclaim against the Borrower or any Surety nor make any claim in the bankruptcy or liquidation of the Borrower or any Surety in respect of any sums paid by the any Guarantor to the Finance Parties or any of them or in respect of any sum which includes the proceeds of realisation of any security at any time held by the Finance Parties or any of them in respect of all or any part of the Guarantor's Guarantors’ Liabilities; and (c) none of the Guarantor Guarantors shall not take any steps to enforce any claim which it or they may have against the Borrower or any Security Party without the prior written consent of the AgentAgent acting on behalf of an Instructing Group, and then only on such terms and subject to such conditions as the Agent acting on behalf of an Instructing Group may impose. 8.4.5 The Guarantor's Guarantors’ Liabilities shall be continuing for all purposes (including Default Interest) and every sum of money which may now or in the future be or become due or owing to the Finance Parties by the Borrower under the Security Documents to which the Borrower is a party (or which would have become due or owing had it not been for the bankruptcy, liquidation or insolvency of the Borrower) shall be deemed to continue due and owing to the Finance Parties by the Borrower until such sum is actually repaid to the Finance Parties, notwithstanding the bankruptcy, liquidation or insolvency of the Borrower. 8.4.6 The Finance Parties may, but shall not be obliged to, resort for their own benefit to any other means of payment at any time and in any order they think fit without releasing or reducing the Guarantor's Guarantors’ Liabilities. 8.4.7 The Finance Parties may enforce the Guarantee either before or after resorting to any other means of payment or enforcement and, in the latter case, without entitling the Guarantor Guarantors or any of them to any benefit from or share in any such other means of payment for so long as the Borrower's ’s Obligations have not been discharged in full.

Preservation of Banks' Rights. 8.4.1 The Guarantee is in addition to any other security, guarantee or indemnity now or in the future held by the Finance Parties in respect of the BorrowerIndemnifier's Obligations, whether from the BorrowerIndemnifier, the Guarantor or any other person, and shall not merge with, prejudice or be prejudiced by any such security, guarantee or indemnity or any contractual or legal right of each Finance Party. 8.4.2 Any release, settlement, discharge or arrangement relating to the liabilities of the Guarantor under the Guarantee shall be conditional on no payment, assurance or security received by the Finance Parties in respect of the BorrowerIndemnifier's Obligations being avoided or reduced under any law (whether English or foreign) in force from time to time relating to bankruptcy, insolvency or any (in the opinion of the Agent) analogous circumstance and after any such avoidance or reduction the Finance Parties shall be entitled to exercise all of their rights, powers, discretions and remedies under or pursuant to the Guarantee and/or any other rights, powers, discretions or remedies which they would otherwise have been entitled to exercise, as if no release, settlement, discharge or arrangement had taken place. 8.4.3 Following the discharge of the BorrowerIndemnifier's Obligations, the Finance Parties shall be entitled to retain any security which they may hold for the liabilities of the Guarantor under the Guarantee until the Finance Parties are satisfied in their reasonable discretion that they will not have to make any payment under any law referred to in Clause 8.4.2. 8.4.4 Until all claims of the Finance Parties in respect of the BorrowerIndemnifier's Obligations have been discharged in full:-full: (a) the Guarantor shall not be entitled to participate in any security held or sums received by any Finance Party in respect of all or any part of the BorrowerIndemnifier's Obligations; (b) the Guarantor shall not stand in the place of, or be subrogated for, any of the Finance Parties in respect of any security nor take any step to enforce any claim against the Borrower Indemnifier or any Surety (or the estate or effects of any such person) nor claim or exercise any right of set off or counterclaim against the Borrower Indemnifier or any Surety nor make any claim in the bankruptcy or liquidation of the Borrower Indemnifier or any Surety in respect of any sums paid by the Guarantor to the Finance Parties or any of them or in respect of any sum which includes the proceeds of realisation of any security at any time held by the Finance Parties or any of them in respect of all or any part of the Guarantor's Liabilities; and (c) the Guarantor shall not take any steps to enforce any claim which it may have against the Borrower Indemnifier or any Security Party without the prior written consent of the Agent, and then only on such terms and subject to such conditions as the Agent may impose. 8.4.5 The Guarantor's Liabilities shall be continuing for all purposes (including Interest) and every sum of money which may now or in the future be or become due or owing to the Finance Parties by the Borrower Indemnifier under the Security Documents to which the Borrower Indemnifier is a party (or which would have become due or owing had it not been for the bankruptcy, liquidation or insolvency of the BorrowerIndemnifier) shall be deemed to continue due and owing to the Finance Parties by the Borrower Indemnifier until such sum is actually repaid to the Finance Parties, notwithstanding the bankruptcy, liquidation or insolvency of the BorrowerIndemnifier. 8.4.6 The Finance Parties may, but shall not be obliged to, resort for their own benefit to any other means of payment at any time and in any order they think fit without releasing or reducing the Guarantor's Liabilities. 8.4.7 The Finance Parties may enforce the Guarantee either before or after resorting to any other means of payment or enforcement and, in the latter case, without entitling the Guarantor to any benefit from or share in any such other means of payment for so long as the BorrowerIndemnifier's Obligations have not been discharged in full.

Preservation of Banks' Rights. 8.4.1 The Guarantee is in addition to any other security, guarantee or indemnity now or in the future held by the Finance Parties in respect of the Borrower's Obligations, whether from the Borrower, the Guarantor or any other person, and shall not merge with, prejudice or be prejudiced by any such security, guarantee or indemnity or any contractual or legal right of each Finance Party. 8.4.2 Any release, settlement, discharge or arrangement relating to the liabilities of the Guarantor under the Guarantee shall be conditional on no payment, assurance or security received by the Finance Parties in respect of the Borrower's Obligations being avoided or reduced under any law (whether English or foreign) in force from time to time relating to bankruptcy, insolvency or any (in the opinion of the Agent) analogous circumstance and after any such avoidance or reduction the Finance Parties shall be entitled to exercise all of their rights, powers, discretions and remedies under or pursuant to the Guarantee and/or any other rights, powers, discretions or remedies which they would otherwise have been entitled to exercise, as if no release, settlement, discharge or arrangement had taken place. 8.4.3 Following the discharge of the Borrower's Obligations, the Finance Parties shall be entitled to retain any security which they may hold for the liabilities of the Guarantor under the Guarantee until the Finance Parties are satisfied in their reasonable discretion that they will not have to make any payment under any law referred to in Clause 8.4.2. 8.4.4 Until all claims of the Finance Parties in respect of the Borrower's Obligations have been discharged in full:- (a) the Guarantor shall not be entitled to participate in any security held or sums received by any Finance Party in respect of all or any part of the Borrower's Obligations; (b) the Guarantor shall not stand in the place of, or be subrogated for, any of the Finance Parties in respect of any security nor take any step to enforce any claim against the Borrower or any Surety (or the estate or effects of any such person) nor claim or exercise any right of set off or counterclaim against the Borrower or any Surety nor make any claim in the bankruptcy or liquidation of the Borrower or any Surety in respect of any sums paid by the Guarantor to the Finance Parties or any of them or in respect of any sum which includes the proceeds of realisation of any security at any time held by the Finance Parties or any of them in respect of all or any part of the Guarantor's Liabilities; and (c) the Guarantor shall not take any steps to enforce any claim which it may have against the Borrower or any Security Party without the prior written consent of the Agent, and then only on such terms and subject to such conditions as the Agent may impose. 8.4.5 The Guarantor's Liabilities shall be continuing for all purposes (including Interest) and every sum of money which may now or in the future be or become due or owing to the Finance Parties by the Borrower under the Security Documents to which the Borrower is a party (or which would have become due or owing had it not been for the bankruptcy, liquidation or insolvency of the Borrower) shall be deemed to continue due and owing to the Finance Parties by the Borrower until such sum is actually repaid to the Finance Parties, notwithstanding the bankruptcy, liquidation or insolvency of the Borrower. 8.4.6 The Finance Parties may, but shall not be obliged to, resort for their own benefit to any other means of payment at any time and in any order they think fit without releasing or reducing the Guarantor's Liabilities. 8.4.7 The Finance Parties may enforce the Guarantee either before or after resorting to any other means of payment or enforcement and, in the latter case, without entitling the Guarantor to any benefit from or share in any such other means of payment for so long as the Borrower's Obligations have not been discharged in full.

Preservation of Banks' Rights. 8.4.1 The 6.1 This Guarantee and Indemnity is in addition to any other security, guarantee or indemnity now or in the future held by the Finance Parties Banks or by the Agent in respect of the Borrower's ObligationsIndebtedness, whether from the Borrower, the Guarantor or any other person, and shall not merge with, prejudice or be prejudiced by any such security, guarantee or indemnity or any contractual or legal right of each Finance Partythe Banks or of the Agent. 8.4.2 6.2 Any release, settlement, discharge or arrangement relating to the liabilities of the Guarantor under the this Guarantee and Indemnity shall be conditional on no payment, assurance or security received by the Finance Parties Banks or the Agent in respect of the Borrower's Obligations Indebtedness being avoided or reduced under any law (whether English or foreign) in force from time to time relating to bankruptcy, insolvency or any (in the opinion of the AgentAgent acting on the written instructions of the Majority Banks) analogous circumstance and circumstance, and, after any such avoidance or reduction reduction, the Finance Parties Agent shall be entitled to exercise all of their its rights, powers, discretions and remedies under or pursuant to the this Guarantee and Indemnity and/or any other rights, powers, discretions or remedies which they it would otherwise have been entitled to exercise, as if no release, settlement, discharge or arrangement had taken place. 8.4.3 6.3 Following the discharge repayment of the Borrower's ObligationsIndebtedness, the Finance Parties Agent shall be entitled to retain any security which they it may hold for the liabilities of the Guarantor under the this Guarantee and Indemnity until the Finance Parties are Agent is satisfied in their its reasonable discretion that they neither it nor any of the Banks will not have to make any payment under any law referred to in Clause 8.4.26.2. 8.4.4 6.4 Until all claims of the Finance Parties Banks and the Agent in respect of the Borrower's Obligations Indebtedness have been discharged in full:- (a) 6.4.1 the Guarantor shall not be entitled to participate in any security held or sums received by any Finance Party the Banks or the Agent in respect of all or any part of the Borrower's ObligationsIndebtedness; (b) 6.4.2 the Guarantor shall not stand in the place of, or be subrogated for, any of the Finance Parties Banks or the Agent in respect of any security security, nor take any step to enforce any claim against the Borrower or any Surety (or the estate their respective estates or effects of any such person) effects), nor claim or exercise any right of set off or counterclaim against the Borrower or any Surety Surety, nor make any claim in the bankruptcy or liquidation of the Borrower or any Surety in respect of any sums paid by the Guarantor to the Finance Parties or any of them Agent or in respect of any sum which includes the proceeds of realisation of any security at any time held by the Finance Parties or any of them Agent in respect of all or any part of the Guarantor's ’s Liabilities; and (c) 6.4.3 the Guarantor shall not take any steps to enforce any claim which it may have against the Borrower or any Security Party Surety without the prior written consent of the Agent, acting on the written instructions of the Majority Banks, and then only on such terms and subject to such conditions as the Agent may impose. 8.4.5 6.5 The Guarantor's ’s Liabilities shall be continuing for all purposes (including Interest) and every sum of money which may now or in the future be or become due or owing to the Finance Parties Agent by the Borrower under the Security Documents to which the Borrower is a party (or which would have become due or owing had it not been for the bankruptcy, liquidation or insolvency of the Borrower) shall be deemed to continue due and owing to the Finance Parties Agent by the Borrower until such sum is actually repaid to the Finance PartiesAgent, notwithstanding the bankruptcy, liquidation or insolvency of the Borrower. 8.4.6 6.6 The Finance Parties Agent may, but shall not be obliged to, resort for their its own benefit to any other means of payment at any time and in any order they think it thinks fit without releasing or reducing the Guarantor's ’s Liabilities. 8.4.7 6.7 The Finance Parties Agent may enforce the this Guarantee and Indemnity either before or after resorting to any other means of payment or enforcement and, in the latter case, without entitling the Guarantor to any benefit from or share in any such other means of payment for so long as until the Borrower's Obligations have not been discharged in fullexpiry of the Facility Period.