Subrogation of Guarantor’s Rights. Acknowledging that this Guarantee Agreement does not guarantee the repayment of a Loan Agreement, the Guarantor acknowledges that it is not entitled to any rights of subrogation.
Subrogation of Guarantor’s Rights. The Guarantor shall be subrogated to all rights of the Noteholders against the Issuer in respect of any amounts paid by the Guarantor pursuant hereto, provided that the Guarantor shall not, other than on the terms set out in Clause 5.4, be entitled to enforce, to take the benefit of, or to receive any payments arising out of or based upon or prove in any insolvency or winding up of the Issuer in respect of, such right of subrogation until such time as the principal of and interest on all outstanding Notes, Receipts and Coupons and all other amounts due under this Trust Deed and the Notes, Receipts and Coupons have been paid in full.
Subrogation of Guarantor’s Rights. Each Guarantor shall be subrogated to all rights of the Bondholders against the Issuer in respect of any amounts paid by such Guarantor pursuant hereto; provided that the Guarantors shall not without the consent of the Bondholders be entitled to enforce, or to receive any payments arising out of or based upon or prove in any insolvency or winding up of the Issuer in respect of, such right of subrogation until such time as the principal of and coupon on all outstanding Bonds and all other amounts due under this Instrument and the Bonds have been paid in full. Furthermore, until such time as aforesaid each Guarantor shall not counter indemnity from the Issuer in respect of its obligations under this Condition 6.
Subrogation of Guarantor’s Rights. Each Guarantor shall be subrogated to all rights of the Noteholders against the Issuer in respect of any amounts paid by such Guarantor pursuant hereto; provided that no Guarantor shall without the consent of the Trustee be entitled to enforce, or to receive any payments arising out of or based upon or prove in any insolvency or winding up of the Issuer in respect of, such right of subrogation until such time as the principal of and interest on all outstanding Notes and Coupons and all other amounts due under this Trust Deed, the Agency Agreement and the Notes and Coupons have been paid in full. Furthermore, until such time as aforesaid, no Guarantor shall take any security or counter indemnity from the Issuer in respect of such Guarantor’s obligations under this Clause 4 (Guarantees).
Subrogation of Guarantor’s Rights. The Guarantor shall be subrogated to all rights of the Noteholders against UPM-Kymmene Finance in respect of any amounts paid by such Guarantor pursuant hereto; provided that the Guarantor shall not without the consent of the Trustee be entided to enforce, or to receive any payments arising out of or based upon or prove in any insolvency or winding up of UPM-Kymmene Finance in respect of, such right of subrogation until such time as the principal of and interest on all outstanding Notes, Receipts and Coupons and all other amounts due under this Trust Deed and the Notes, Receipts and Coupons have been paid in full. Furthermore, until such time as aforesaid the Guarantor shall not take any security or counter-indemnity from UPM-Kymmene Finance in respect of the Guarantor’s obligations under this Clause 5.
Subrogation of Guarantor’s Rights. The Guarantor shall be subrogated to all rights of the Noteholders against the Issuer in respect of any amounts paid by the Guarantor pursuant hereto, provided that the Guarantor shall not, other than on the terms set out in Clause 5.4, be entitled to enforce, to take the benefit of, or to receive any payments arising out of or based upon or prove in any insolvency or winding up of the Issuer in respect of, such right of subrogation until such time as the principal of and interest on all outstanding Notes and all other amounts due under this Trust Deed and the Notes have been paid in full. Status of the Notes and the Guarantee
6.1 Status of the Notes The Notes constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank, and will at all times rank: (i) pari passu without any preference among themselves; (ii) pari passu with all claims of holders of other unsecured obligations of the Issuer and the Guarantor (other than obligations required to be preferred by law); (iii) in accordance with the Subordination Deed, junior to all amounts owed to the Senior Finance Parties under the Senior Finance Documents; (iv) senior to the claims of holders of subordinated obligations of the Issuer and the Guarantor expressed to be subordinated to the Notes, and (v) senior to the claims of holders of all classes of share capital of the Issuer and the Guarantor, claiming in their capacity as such.
6.2 [Reserved]
6.3 Status of the Guarantee under this Trust Deed In the event of the winding-up, insolvency, dissolution, liquidation or bankruptcy of the Issuer and/or the Guarantor, the payment obligations of the Issuer and the Guarantor under the Notes and this Trust Deed will rank: (i) pari passu without any preference among themselves; (ii) pari passu with all claims of holders of other unsecured obligations of the Issuer and the Guarantor (other than obligations required to be preferred by law); (iii) in accordance with the Subordination Deed, junior to all amounts owed to the Senior Finance Parties under the Senior Finance Documents; (iv) senior to the claims of holders of subordinated obligations of the Issuer and the Guarantor expressed to be subordinated to the Notes, and (v) senior to the claims of holders of all classes of share capital of the Issuer and the Guarantor, claiming in their capacity as such. For the avoidance of doubt, nothing in this Clause 6.3 or Clause 6.1 or in any other provision of this Trust Deed shall affect or p...
Subrogation of Guarantor’s Rights. The Guarantor shall be subrogated to all rights of the Noteholders against the relevant Issuer in respect of any amounts paid by such Guarantor in respect of such Issuer pursuant hereto; provided that the Guarantor shall not without the consent of the Trustee be entitled to enforce, or to receive any payments arising out of or based upon or prove in any insolvency or winding up of such Issuer in respect of, such right of subrogation until such time as all the principal of and interest on all outstanding Notes, Receipts and Coupons and all other amounts due under these presents and the Notes, Table of Contents Receipts and Coupons have been paid in full. Furthermore, until such time as aforesaid, the Guarantor shall not take any security or counter indemnity from an Issuer in respect of the Guarantor’s obligations under this Clause 7.
