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 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. Each Guarantor of the Guarantors shall be subrogated to all rights of the Trustee or the Noteholders and Couponholders against the relevant Issuer in respect of any amounts paid by such Guarantor the respective Guarantors pursuant hereto; provided that no Guarantor neither of the Guarantors 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 such Issuer in respect of, such right of subrogation until such time as the principal of and interest on all outstanding the Notes and Coupons and all other amounts due under this the Trust Deed, the Agency Agreement Deed and the Notes and Coupons have been paid in full. Furthermore, until such time as aforesaid, no Guarantor aforesaid the Guarantors shall not take any security or counter counter-indemnity from the such Issuer in respect of such Guarantor’s the Guarantors' obligations under this Clause 4 (Guarantees)Guarantee Agreement.

Subrogation of Guarantor’s Rights. Each The Guarantor shall be subrogated to all rights of the Noteholders against the Issuer in respect of any amounts paid by such the Guarantor pursuant hereto; provided that no 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 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 Deed and the Notes and Coupons have been paid in full. Furthermore, until such time as aforesaid, no aforesaid the Guarantor shall not take any security or counter counter-indemnity from the Issuer in respect of such the Guarantor’s 's obligations under this Clause 4 (Guarantees)4.