Common use of VALUATIONS AND SUBROGATION Clause in Contracts

VALUATIONS AND SUBROGATION. The liabilities of the Bank under this Agreement shall not be considered as wholly or partially satisfied by the payment or liquidation at any time or times of any sum or sums of money for the time being due or remaining unpaid to the Noteholders, and all payments received by the Noteholders from the Subsidiary or from others shall be regarded for all purposes as payments in gross without any right on the part of the Bank to claim in reduction of the liability under this Agreement the benefit of any such payments, and the Bank shall have no right to be subrogated in any rights of the Noteholders until the Noteholders shall have received payment in full of the Guaranteed Obligations. The Bank shall be subrogated to the rights of the Noteholders against the Subsidiary.

VALUATIONS AND SUBROGATION. The liabilities of the Bank under this Agreement shall not be considered as wholly or partially satisfied by the payment or liquidation at any time or times of any sum or sums of money for the time being due or remaining unpaid to the NoteholdersBondholders, and all payments received by the Noteholders Bondholders from the Subsidiary or from others shall be regarded for all purposes as payments in gross without any right on the part of the Bank to claim in reduction of the liability under this Agreement the benefit of any such payments, and the Bank shall have no right to be subrogated in any rights of the Noteholders Bondholders until the Noteholders Bondholders shall have received payment in full of the Guaranteed Obligations. The Bank shall be subrogated to the rights of the Noteholders Bondholders against the Subsidiary.