Common use of Deferral of Subrogation Clause in Contracts

Deferral of Subrogation. Notwithstanding any payment or payments made by the Guarantor hereunder or any set-off or application of funds of the Guarantor by the Lender, the Guarantor shall not be entitled to be subrogated to any of the rights of the Lender against any Borrower or any other guarantor or any collateral security or guarantee or right of offset held by the Lender for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from any Borrower or any other guarantor in respect of payments made by the Guarantor hereunder, until all amounts owing to the Lender by each Borrower on account of the Obligations are paid in full and the obligation of the Lender to make Loans under the Credit Agreement shall be terminated. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full and the obligation of the Lender to make Loans under the Credit Agreement shall be terminated, such amount shall be held by the Guarantor in trust for the Lender, segregated from other funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over to the Lender, to be applied against the Obligations, whether matured or unmatured, in such order as the Lender may determine.

Deferral of Subrogation. Notwithstanding Each Issuer that is a Note Guarantor hereby irrevocably waives any payment claim or payments made by other rights that it may now or hereafter acquire against either Issuer that arise from the Guarantor hereunder existence, payment, performance or enforcement of such Issuer's obligations under the Notes and this Indenture or such Note Guarantor's obligations under its Note Guarantee and this Indenture, including any set-off right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or application remedy of funds any Holder of Notes against the Issuers, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, until this Indenture is discharged and all of the Guarantor by the Lender, the Guarantor shall not be entitled to be subrogated to any Notes are discharged and paid in full ("Discharge of the rights of Obligations"); provided, however, that following the Lender against any Borrower or any other guarantor or any collateral security or guarantee or right of offset held by the Lender for the payment Discharge of the Obligations, nor each Issuer that is a Note Guarantor shall the Guarantor seek or be entitled to seek enforce any contribution and all rights at law or reimbursement from any Borrower or any other guarantor in respect of payments made by the Guarantor hereunder, until all amounts owing equity to the Lender by each Borrower on account of the Obligations are paid in full and the obligation of the Lender subrogation that may otherwise be available to make Loans under the Credit Agreement shall be terminatedsuch Note Guarantor. If any amount shall be paid to the any Issuer that is a Note Guarantor on account of such subrogation rights at any time when all in violation of the Obligations preceding sentence and the Notes shall not have been paid in full and the obligation of the Lender to make Loans under the Credit Agreement shall be terminatedfull, such amount shall be have been deemed to have been paid to such Note Guarantor for the benefit of, and held by the Guarantor in trust for the Lenderbenefit of, segregated from other funds the Holders of the GuarantorNotes, and shall, shall forthwith upon receipt by the Guarantor, be turned over paid to the Lender, Trustee for the benefit of such Holders to be credited and applied against upon the ObligationsNotes, whether matured or unmatured, in such order as accordance with the Lender may determineterms of this Indenture.

Deferral of Subrogation. Notwithstanding any payment or payments made hereunder by any of the Guarantor hereunder Guarantors or any set-off or application of funds of any of the Guarantor Guarantors by the any Lender, the no Guarantor shall not be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against any the Borrower or any other guarantor Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the Credit Agreement Obligations, nor shall the any Guarantor seek or be entitled to seek any contribution or reimbursement from any the Borrower or any other guarantor Guarantor in respect of payments made hereunder by the Guarantor hereundersuch Guarantor, until all amounts owing to the Lender Administrative Agent and the Lenders by each the Borrower on account of the Loans, accrued interest thereon and all other then accrued and unpaid Credit Agreement Obligations are paid in full full, the Commitments are terminated and the obligation no Letter of the Lender to make Loans under Credit is outstanding (or all outstanding Letters of Credit are fully cash-collateralized in accordance with the Credit Agreement shall be terminatedAgreement). If If, notwithstanding the foregoing, any amount shall be paid to the any Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full and the obligation of the Lender to make Loans under the Credit Agreement shall be terminatedprior thereto, such amount shall be held by the such Guarantor in trust for the LenderAdministrative Agent and the Lenders, segregated from other funds of the such Guarantor, and shall, forthwith upon receipt by the such Guarantor, be turned over to the LenderAdministrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Credit Agreement Obligations, whether matured or unmatured, in such order as the Lender Administrative Agent and the Lenders may determine.

Deferral of Subrogation. Notwithstanding any payment or payments made by the any Guarantor hereunder or any set-off or application of funds of the any Guarantor by the LenderCollateral Agent or any other Secured Party, the no Guarantor shall not be entitled to be subrogated to any of the rights of the Lender Collateral Agent or any other Secured Party against any the Borrower or any other guarantor Guarantor or any collateral security or guarantee or right of offset set-off held by the Lender Collateral Agent or any other Secured Party for the payment of the Borrower Obligations, nor shall the any Guarantor seek or be entitled to seek any contribution or reimbursement from any the Borrower or any other guarantor Guarantor in respect of payments made by the such Guarantor hereunder, until all amounts owing to the Lender Collateral Agent and the other Secured Parties by each the Borrower on account of the Borrower Obligations are paid in full full, no Letters of Credit shall be outstanding and the obligation of the Lender to make Loans under the Credit Agreement shall be Commitments are terminated. If any amount shall be paid to the any Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not have been paid in full and the obligation of the Lender to make Loans under the Credit Agreement shall be terminatedfull, such amount shall be held by the such Guarantor in trust for the LenderCollateral Agent and the other Secured Parties, segregated from other funds of the such Guarantor, and shall, forthwith upon receipt by the such Guarantor, be turned over to the LenderCollateral Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Collateral Agent, if required), to be applied against the Borrower Obligations, whether matured or unmatured, in such order as the Lender Collateral Agent may determine.