Subrogation, etc. Notwithstanding any payment or payments made by the Pledgor or the exercise by the Secured Party of any of the remedies provided under this Agreement or any other Transaction Document, until the Secured Obligations have been indefeasibly paid in full in cash or cash equivalents, the Pledgor shall have no claim (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) of subrogation to any of the rights of the Secured Party against the Collateral, nor shall the Pledgor have any claims (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) for reimbursement, indemnity, exoneration or contribution from any Person in respect of payments made by the Pledgor hereunder. Notwithstanding the foregoing, if any amount shall be paid to the Pledgor on account of such subrogation, reimbursement, indemnity, exoneration or contribution rights at any time, such amount shall be held by the Pledgor in trust for the Secured Party segregated from other funds of the Pledgor, and, upon the existence and continuance of an Event of Default, shall be turned over to the Secured Party in the exact form received by the Pledgor (duly endorsed by the Pledgor to the Secured Party if required) to be applied against the Secured Obligations pursuant to the Transaction Documents.
Appears in 2 contracts
Samples: Pledge Agreement (Selina Hospitality PLC), Pledge Agreement (Selina Hospitality PLC)
Subrogation, etc. Notwithstanding any payment or payments made by the Pledgor or the exercise by the Secured Party Administrative Agent of any of the remedies provided under this Agreement or any other Transaction Loan Document, until the Secured Obligations have been indefeasibly paid in full in cash or cash equivalentsfull, the Pledgor shall have no claim (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) of subrogation to any of the rights of the Administrative Agent against any Person, the Pledged Collateral or any guaranty held by the Administrative Agent for the satisfaction of any of the Secured Party against the CollateralObligations, nor shall the Pledgor have any claims (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) for reimbursement, indemnity, exoneration or contribution from any Person in respect of payments made by the Pledgor hereunder. Notwithstanding the foregoing, if any amount shall be paid to the Pledgor on account of such subrogation, reimbursement, indemnity, exoneration or contribution rights at any timetime before the Secured Obligations have been paid in full, such amount shall be held by the Pledgor in trust for the Secured Party Administrative Agent segregated from other funds of the Pledgor, and, upon the existence and continuance of an Event of Default, shall be turned over to the Secured Party Administrative Agent in the exact form received by the Pledgor (duly endorsed by the Pledgor to the Secured Party Administrative Agent if required) to be applied against the Secured Obligations pursuant to in such amounts and in such order as the Transaction DocumentsAdministrative Agent may elect, or as directed by the Administrative Agent.
Appears in 2 contracts
Samples: Credit Agreement (James River Group Holdings, Ltd.), Credit Agreement (State Auto Financial CORP)
Subrogation, etc. Notwithstanding any payment or payments made by the Pledgor or the exercise by the Secured Party Collateral Agent of any of the remedies provided under this Agreement or any other Transaction Loan Document, until the Secured Obligations have been indefeasibly paid in full in cash or cash equivalentsfull, the Pledgor shall have no claim (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) of subrogation to any of the rights of the Collateral Agent against any Person, the Pledged Collateral or any guaranty held by the Collateral Agent for the satisfaction of any of the Secured Party against the CollateralObligations, nor shall the Pledgor have any claims (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) for reimbursement, indemnity, exoneration or contribution from any such Person in respect of payments made by the Pledgor hereunder. Notwithstanding the foregoing, if any amount shall be paid to the Pledgor on account of such subrogation, reimbursement, indemnity, exoneration or contribution rights at any timetime before the Secured Obligations have been paid in full, such amount shall be held by the Pledgor in trust for the Secured Party Collateral Agent segregated from other funds of the Pledgor, and, upon the existence and continuance of an Event of Default, shall be turned over to the Secured Party Collateral Agent in the exact form received by the Pledgor (duly endorsed by the Pledgor to the Secured Party Collateral Agent if required) to be applied against the Secured Obligations pursuant to in such amounts and in such order as the Transaction DocumentsCollateral Agent may elect, or as directed by the Administrative Agent.
Appears in 2 contracts
Samples: Equity Pledge Agreement (Empire Resorts Inc), Equity Pledge Agreement (Empire Resorts Inc)
Subrogation, etc. Notwithstanding any payment or payments made by the Pledgor Pledgors or the exercise by the Secured Party Collateral Agent of any of the remedies provided under this Agreement or any other Transaction Financing Document, until the Secured Obligations have been indefeasibly paid in full in cash or cash equivalents, the Pledgor Pledgors shall have no claim (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) of subrogation to any of the rights of the Secured Party Collateral Agent against the CollateralBorrower, the Pledged Collateral or any guaranty held by the Collateral Agent for the satisfaction of any of the Secured Obligations, nor shall the Pledgor Pledgors have any claims (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) for reimbursement, indemnity, exoneration or contribution from any Person the Borrower in respect of payments made by the Pledgor Pledgors hereunder. Notwithstanding the foregoing, if any amount shall be paid to the Pledgor Pledgors on account of such subrogation, reimbursement, indemnity, exoneration or contribution rights at any time, such amount shall be held by the Pledgor Pledgors in trust for the Secured Party Collateral Agent segregated from other funds of the PledgorPledgors, and, upon the existence and continuance of an Event of Default, shall be turned over to the Secured Party Collateral Agent in the exact form received by the Pledgor Pledgors (duly endorsed by the Pledgor Pledgors to the Secured Party Collateral Agent if required) to be applied against the Secured Obligations pursuant to in such amounts and in such order as the Transaction DocumentsCollateral Agent (as directed by the Agent Bank, acting in accordance with the Credit Agreement) may elect.
Appears in 1 contract
Samples: Pledge and Security Agreement (NRG Generating U S Inc)
Subrogation, etc. Notwithstanding any payment or payments made by the Pledgor or the exercise by the Secured Party Collateral Agent of any of the remedies provided under this Pledge Agreement or any other Transaction Document, until of the Secured Obligations have been indefeasibly paid in full in cash or cash equivalentsFinance Documents, the Pledgor shall have no claim (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § Section 101(5)) of subrogation to any of the rights of the Secured Party Parties against the CollateralCompany, the Pledgor or any Collateral or guaranty held by the Secured Parties for the satisfaction of any of the Obligations, nor shall the Pledgor have any claims (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § Section 101(5)) for reimbursement, indemnity, exoneration or contribution from any Person the Company in respect of payments made by the Pledgor hereunder. Notwithstanding the foregoing, if any amount shall be paid to the Pledgor on account of such subrogation, reimbursement, indemnity, exoneration or contribution rights at any time, such amount shall be held by the Pledgor in trust for the Secured Party Parties, segregated from other funds of the Pledgor, and, upon the existence and continuance of an Event of Default, shall be turned over to the Collateral Agent for the benefit of the Secured Party Parties, in the exact form received by the Pledgor (duly endorsed by the Pledgor to the Collateral Agent for the benefit of the Secured Party Parties, if required) ), to be applied against such amounts in such order as the Secured Obligations pursuant to the Transaction DocumentsCollateral Agent may elect.
Appears in 1 contract
Subrogation, etc. Notwithstanding any payment or payments made by the Pledgor or the exercise by the Secured Party Lender of any of the remedies provided under this Agreement or any other Transaction Loan Document, until the Secured Obligations have been indefeasibly paid in full in cash or cash equivalentsfull, the Pledgor shall have no claim (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) of subrogation to any of the rights of the Lender against any Person, the Pledged Collateral or any guaranty held by the Lender for the satisfaction of any of the Secured Party against the CollateralObligations, nor shall the Pledgor have any claims (as defined in Section 101(5) of the Bankruptcy Code, 11 U.S.C. § 101(5)) for reimbursement, indemnity, exoneration or contribution from any Person in respect of payments made by the Pledgor hereunder. Notwithstanding the foregoing, if any amount shall be paid to the Pledgor on account of such subrogation, reimbursement, indemnity, exoneration or contribution rights at any timetime before the Secured Obligations have been paid in full, such amount shall be held by the Pledgor in trust for the Secured Party Lender segregated from other funds of the Pledgor, and, upon the existence and continuance of an Event of Default, shall be turned over to the Secured Party Lender in the exact form received by the Pledgor (duly endorsed by the Pledgor to the Secured Party Lender if required) to be applied against the Secured Obligations pursuant to in such amounts and in such order as the Transaction DocumentsLender may elect, or as directed by the Lender.
Appears in 1 contract
Samples: Pledge and Security Agreement (James River Group Holdings, Ltd.)