Common use of Subordination of rights of Guarantor Clause in Contracts

Subordination of rights of Guarantor. All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and in particular, the Guarantor shall not: (a) claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of this Guarantee or any other transaction; (b) take or enforce any Security Interest for any such amount; (c) claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or (d) claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing Document.

Subordination of rights of Guarantor. All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person the Companies (or its any of them) or their respective assets shall be fully subordinated to the rights of the Owner Bank under the Leasing Documents (or any of them), Master Agreement; and in particular, the Guarantor shall not: (a) claim, or in a bankruptcy of that Relevant Person the Companies (or any of them) prove for, any amount payable to the Guarantor by that Relevant Personthe Companies (or any of them), whether in respect of this Guarantee or any other transaction; (b) take or enforce any Security Interest for any such amount; (c) claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Personthe Companies (or any of them); or (d) claim any subrogation or other right in respect of any Leasing Document the Master Agreement or any sum received or recovered by the Owner Bank under such Leasing Documentthe Master Agreement.

Subordination of rights of Guarantor. All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them)Documents, and in particular, the Guarantor shall not: (a) claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of this Guarantee or any other transaction; (b) take or enforce any Security Interest for any such amount; (c) claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or (d) claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing Document.