Common use of Subrogation of Banks making guarantee payments Clause in Contracts

Subrogation of Banks making guarantee payments. (a) Each Obligor agrees that if any Bank makes any payment under clause 4.7 (Banks' Guarantee and Indemnity) it will immediately be subrogated to any rights that the Issuing Bank may then have against the relevant Borrower in respect of the amount paid and such subrogation will be subject to the terms set out in Schedule 7 (Terms of Borrowers' Indemnity). (b) Each Obligor agrees to indemnify the Bank making such a payment in respect of such payment and all costs and expenses properly incurred by the Bank in recovering or attempting to recover any amount pursuant to such rights of subrogation.

Subrogation of Banks making guarantee payments. (a) Each Obligor agrees that if any Bank makes any payment under clause 4.7 (Banks' Guarantee and Indemnity) it will immediately be subrogated to any rights that the Issuing Bank may then have against the relevant Borrower in respect of the amount paid and such subrogation will be subject to the terms set out in Schedule 7 (Terms of Borrowers' Indemnity). (b) Each Obligor agrees to indemnify the Bank making such a payment in respect of such that payment and all costs and expenses properly incurred by the Bank in recovering or attempting to recover any amount pursuant to such rights of subrogation.

Subrogation of Banks making guarantee payments. (a) Each Obligor The relevant Borrower agrees that if any Bank makes any payment under clause 4.7 4.6 (Banks' Guarantee and Indemnity) it will immediately be subrogated to any rights that the Issuing Bank may then have against the relevant Borrower in respect of the amount paid and such subrogation will be subject to the terms set out in Schedule 7 (Terms of Borrowers' Borrower's Indemnity). (b) Each Obligor The relevant Borrower agrees to indemnify the Bank making such a payment in respect of such payment and all costs and expenses properly incurred by the Bank in recovering or attempting to recover any amount pursuant to such rights of subrogation.

Subrogation of Banks making guarantee payments. (a) Each Obligor agrees that if any Bank makes any payment under clause 4.7 (Banks' Guarantee and Indemnity) it will immediately be subrogated to any rights rights. that the Issuing Bank may then have against the relevant Borrower in respect of the amount paid and such subrogation will be subject to the terms set out in Schedule 7 (Terms of Borrowers' Indemnity). (b) Each Obligor agrees to indemnify the Bank making such a payment in respect of such that payment and all costs and expenses properly incurred by the Bank in recovering or attempting to recover any amount pursuant to such rights of subrogation.