Common use of Subordination of Subrogation Rights Clause in Contracts

Subordination of Subrogation Rights. The Guarantor hereby waives and releases any and all rights and claims it may now or hereafter have or acquire against the Borrower that would constitute it a “creditor” of such party for purposes of the United States Bankruptcy Code, including all rights of subrogation against the Borrower and its property and all rights of indemnification, contribution and reimbursement from the Borrower and its property, regardless of whether such rights arise in connection with this Guaranty, by operation of law, pursuant to contract or otherwise. In connection therewith, the Guarantor will not exercise any rights which it may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwise, until all the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been indefeasibly paid in full. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time prior to the indefeasible payment in full of the Guaranteed Obligations and all other amounts payable under this Guaranty, such amount shall be held in trust for the benefit of the Agent and shall forthwith be paid to the Agent to be credited and applied upon the Guaranteed Obligations, in accordance with the terms of the Basic Documents.

Subordination of Subrogation Rights. The Guarantor hereby waives and releases any and all rights and claims it may now or hereafter have or acquire against the Borrower that would constitute it a “creditor” of such party for purposes of the United States Bankruptcy Code, including all rights of subrogation against the Borrower and its property and all rights of indemnification, contribution and reimbursement from the Borrower and its property, regardless of whether such rights arise in connection with this Guaranty, by operation of law, pursuant to contract or otherwise. In connection therewith, the Guarantor will not exercise any rights which it may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwise, until all the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been indefeasibly paid in full. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time prior to the indefeasible payment in full of the Guaranteed Obligations and all other amounts payable under this Guaranty, such amount shall be held in trust for the benefit of the Agent and shall forthwith be paid to the Agent to be credited and applied upon the Guaranteed Obligations, in accordance with the terms of the Basic Documents. Section 10.

Subordination of Subrogation Rights. The Notwithstanding any payment made by any Guarantor hereby waives and releases hereunder or any and all rights and claims it may now set-off or hereafter have application of funds of any Guarantor by the Purchasers, no Guarantor shall be entitled to exercise or acquire against the Borrower that would constitute it a “creditor” of such party for purposes of the United States Bankruptcy Code, including all enforce any rights of subrogation against the Borrower and its property and all rights Company or any other Guarantor or any collateral security or guarantee or right of indemnificationoffset held by the Purchasers for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution and or reimbursement from the Borrower and its property, regardless Company or any other Guarantor in respect of whether payments made by such rights arise in connection with this Guaranty, by operation of law, pursuant to contract or otherwise. In connection therewith, the Guarantor will not exercise any rights which it may acquire by way of subrogation under this Guaranty, by any payment made hereunder or otherwisehereunder, until all amounts owing to the Guaranteed Purchasers by the Company on account of the Obligations and all other amounts payable under this Guaranty shall have been indefeasibly are paid in full. If any amount shall be paid to the any Guarantor on account of such subrogation rights at any time prior to the indefeasible payment in full when all of the Guaranteed Obligations and all other amounts payable under this Guarantyshall not have been paid in full, such amount shall be held by such Guarantor in trust for the benefit Purchasers, segregated from other funds of the Agent such Guarantor, and shall shall, forthwith upon receipt by such Guarantor, be paid turned over to the Agent Purchasers in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Purchasers, if required), to be credited and applied upon against the Guaranteed Obligations, whether matured or unmatured, in accordance with such order as the terms of the Basic DocumentsPurchasers may determine.