Common use of Waiver of Rights Against Canadian Borrower Clause in Contracts

Waiver of Rights Against Canadian Borrower. Until the final payment and performance in full of all of the Canadian Facility Obligations, no Guarantor shall exercise and each Guarantor hereby waives any rights against the Canadian Borrower arising as a result of payment by any Guarantor hereunder, by way of subrogation, reimbursement, restitution, contribution or otherwise, and will not prove any claim in competition with the Agent or any Canadian Facility Secured Party in respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature; no Guarantor will claim any setoff, recoupment or counterclaim against the Canadian Borrower in respect of any liability of such Guarantor to the Canadian Borrower; and each Guarantor waives any benefit of and any right to participate in any collateral security which may be held by the Agent or any Canadian Facility Secured Party.