Common use of Subrogation of Guarantor’s Rights Clause in Contracts

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 The Guarantor shall be subrogated to all rights of the Bondholders holders of the Notes against the Issuer in respect of any amounts paid by such the Guarantor pursuant hereto; provided that the Guarantors Guarantor shall not without the consent of the Bondholders 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 coupon interest on all outstanding Bonds Notes and all other amounts due under this Instrument Trust Deed and the Bonds Notes have been paid in full. Furthermore, until such time as aforesaid each the Guarantor shall not take any security or counter indemnity from the Issuer in respect of its the Guarantor’s obligations under this Condition 6Clause 5.

Subrogation of Guarantor’s Rights. Each Guarantor The Guarantors 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 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 coupon interest on all outstanding Bonds and all other amounts due under this Instrument Trust Deed and the Bonds have been paid in full. Furthermore, until such time as aforesaid each neither Guarantor shall not counter take any security or counter- indemnity from the Issuer in respect of its their respective obligations under this Condition 6Clause 4.