RECOVERING BENEFICIARY'S RIGHTS. 23.3.1 On a distribution by the Agent under clause 23.2 the Recovering Beneficiary will be subrogated to the rights of the Beneficiaries which have shared in the redistribution. 23.3.2 If and to the extent that the Recovering Beneficiary is not able to rely on its rights under sub-clause 23.3.1 above, the relevant Obligor shall be liable to the Recovering Beneficiary for a debt equal to the Sharing Payment which is immediately due and payable.
Appears in 4 contracts
Samples: Syndicated Credit Agreement (Bell Microproducts Inc), Supplemental Agreement (Bell Microproducts Inc), Syndicated Credit Agreement (Bell Microproducts Inc)
RECOVERING BENEFICIARY'S RIGHTS. 23.3.1 On a distribution by the Agent under clause Clause 23.2 (Redistribution of Payments) the Recovering Beneficiary will be subrogated to the rights of the Beneficiaries which have shared in the redistribution.
23.3.2 If and to the extent that the Recovering Beneficiary is not able to rely on its rights under sub-clause 23.3.1 above, the relevant Obligor shall be liable to the Recovering Beneficiary for a debt equal to the Sharing Payment which is immediately due and payable.
Appears in 1 contract
Samples: Ninth Supplemental Agreement (Bell Microproducts Inc)
