Common use of Subrogation of Guarantor; Subordination Clause in Contracts

Subrogation of Guarantor; Subordination. Notwithstanding --------------------------------------- any payment or payments made by the Guarantor, the Guarantor shall not be subrogated to any rights of the Beneficiaries against the Charterer until all of the Obligations then due shall have been finally, indefeasibly and unconditionally paid and performed in full. Any claim of the Guarantor against the Charterer arising from payments made by the Guarantor by reason of this Guaranty shall be in all respects subordinated to the final, indefeasible, unconditional, full and complete payment or discharge of all of the Obligations guaranteed hereby, and no payment by the Guarantor shall give rise to any claim of the Guarantor against the Beneficiaries. The Guarantor further agrees that any right of subrogation it may have against the Owner Trust by reason of any guaranty by it of obligations of the Owner Trust under the U.K. Documents shall in all respects be subject and subordinate to the Owner Trust's obligations under the Indenture and the Secured Notes, and the Guarantor agrees that it will not exercise such subrogation right or any similar right until all of the Obligations then due shall have been finally, indefeasibly and unconditionally paid and performed in full.

Subrogation of Guarantor; Subordination. Notwithstanding any --------------------------------------- any payment or payments made by the Guarantor, the Guarantor shall not be subrogated to any rights of the Beneficiaries against the Charterer until all of the Obligations then due shall have been finally, indefeasibly and unconditionally paid and performed in full. Any claim of the Guarantor against the Charterer arising from payments made by the Guarantor by reason of this Guaranty shall be in all respects subordinated to the final, indefeasible, unconditional, full and complete payment or discharge of all of the Obligations guaranteed hereby, and no payment by the Guarantor shall give rise to any claim of the Guarantor against the Beneficiaries. The Guarantor further agrees that any right of subrogation it may have against the Owner Trust by reason of any guaranty by it of obligations of the Owner Trust under the U.K. Documents shall in all respects be subject and subordinate to the Owner Trust's obligations under the Indenture and the Secured Notes, and the Guarantor agrees that it will not exercise such subrogation right or any similar right until all of the Obligations then due shall have been finally, indefeasibly and unconditionally paid and performed in full.