Common use of Subrogation and Subordination Clause in Contracts

Subrogation and Subordination. Until the applicable Release Date and/or payment to Noteholder by any Guarantor of any unpaid amount under Section 2.1(b), each Guarantor hereby agrees that it shall have no right to exercise any right of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which Guarantor may now or hereafter have against or to any Obligor in connection with this Guaranty (collectively, the “Guarantor Rights”), and Guarantor hereby waives any rights to enforce any remedy which Guarantor may have against Company or any other Obligor. If any amount shall be paid to Guarantor on account of Guarantor Rights at any time when less than all of the then unpaid Guaranteed Obligations and have been paid in full, such amount shall be held in trust for the benefit of Noteholder, shall be segregated from the other funds of Guarantor and shall forthwith be paid over to Noteholder to be held by Noteholder as collateral for, or then or at any time thereafter applied in whole or in part by Noteholder against, all or any portion of the Guaranteed Obligations, whether matured or unmatured, in such order as Noteholder shall elect.

Subrogation and Subordination. Until the applicable Release Date and/or payment to Noteholder Holder by any Guarantor of any unpaid amount under Section 2.1(b), each Guarantor hereby agrees that it shall have no right to exercise any right of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which Guarantor may now or hereafter have against or to any Obligor in connection with this Guaranty (collectively, the “Guarantor Rights”), and Guarantor hereby waives any rights to enforce any remedy which Guarantor may have against Company or any other Obligor. If any amount shall be paid to Guarantor on account of Guarantor Rights at any time when less than all of the then unpaid Guaranteed Obligations and have been paid in full, such amount shall be held in trust for the benefit of NoteholderHolder, shall be segregated from the other funds of Guarantor and shall forthwith be paid over to Noteholder Holder to be held by Noteholder Holder as collateral for, or then or at any time thereafter applied in whole or in part by Noteholder Holder against, all or any portion of the Guaranteed Obligations, whether matured or unmatured, in such order as Noteholder Holder shall elect.