Common use of Subrogation Rights of Bank Clause in Contracts

Subrogation Rights of Bank. The Bank shall be subrogated to the rights possessed under this Indenture by the Owners of the Bonds, to the extent the Letter of Credit is drawn upon and the amount of such drawing is not subsequently reimbursed to the Bank. For purposes of the subrogation rights of the Bank hereunder, (a) any reference herein to the Owners of the Bonds shall mean the Bank, (b) any principal of or interest on the Bonds paid with moneys collected pursuant to the Letter of Credit shall be deemed to be unpaid hereunder, and (c) the Bank may exercise any rights it would have hereunder as the Owner of the Bonds. The subrogation rights granted to the Bank in this Indenture are not intended to be exclusive of any other remedy or remedies available to the Bank and such subrogation rights shall be cumulative and shall be in addition to every other remedy given hereunder, under the Credit Agreement or under any other instrument or agreement with respect to the reimbursement of moneys paid by the Bank under the Letter of Credit or with respect to the security for the obligations of the Company under the Credit Agreement, and every other remedy now or hereafter existing at law or in equity or by statute.

Subrogation Rights of Bank. The Bank shall be subrogated to the rights possessed under this Indenture by the Owners Holders of the Bondsbonds, to the extent the Letter of Credit is drawn upon and the amount of such drawing is not subsequently reimbursed to the Bank. For purposes of the subrogation rights of the Bank hereunder, (a) any reference herein to the Owners Holders of the Bonds shall mean the Bank, (b) any principal of or interest on the Bonds paid with moneys collected pursuant to the Letter of Credit shall be deemed to be unpaid hereunder, and (c) the Bank may exercise any rights it would have hereunder as the Owner Holder of the Bonds. The subrogation rights granted to the Bank in this Indenture are not intended to be exclusive of any other remedy or remedies available to the Bank and such subrogation rights shall be cumulative and shall be in addition to every other remedy given hereunder, under the Credit Reimbursement Agreement or under any other instrument or agreement with respect to the reimbursement of moneys paid by the Bank under the Letter of Credit or with respect to the security for the obligations of the Company Borrower under the Credit Reimbursement Agreement, and every other remedy now or hereafter existing at law or in equity or by statute.

Subrogation Rights of Bank. The Bank shall be subrogated to the rights possessed under this Indenture by the Owners Holders of the Bondsbonds, to the extent the Letter of Credit is drawn upon and the amount of such drawing is not subsequently reimbursed to the Bank. For purposes of the subrogation rights of the Bank hereunder, (a) any reference herein to the Owners Holders of the Bonds shall mean the Bank, (b) any principal of or interest on the Bonds paid with moneys collected pursuant to the Letter of Credit shall be deemed to be unpaid hereunder, and (c) the Bank may exercise any rights it would have hereunder as the Owner Holder of the Bonds. The subrogation rights granted to the Bank in this Indenture are not intended to be exclusive of any other remedy or remedies available to the Bank and such subrogation rights shall be cumulative and shall be in addition to every other remedy given hereunder, under the Credit Reimbursement Agreement or under any other instrument or agreement with respect to the reimbursement of moneys paid by the Bank under the Letter of Credit or with respect to the security for the obligations of the Company Borrower under the Credit Reimbursement Agreement, and every other remedy now or hereafter existing at law or in equity or by statute.