Common use of Equitable Subrogation Clause in Contracts

Equitable Subrogation. Administrative Agent on behalf of itself and the lenders hereby acknowledges and agrees that with respect to all funds due or to become due under any Bonded Contract, nothing herein or in the Credit Documents will waive, impair, or limit Surety's common law equitable subrogation rights, which are hereby expressly recognized by Administrative Agent. Administrative Agent will not instigate, promote, institute, or join as a party in institution of any action, suit, or proceeding seeking to challenge or limit, such equitable subrogation rights. XVI-1 Surety Acknowledgment List of Exhibits

Equitable Subrogation. Administrative Agent on behalf of itself and the lenders hereby acknowledges and agrees that with respect to all funds due or to become due under any Bonded Contract, nothing herein or in the Credit Documents will waive, impair, or limit Surety's common law equitable subrogation rights, which are hereby expressly recognized by Administrative Agent. Administrative Agent will not instigate, promote, institute, or join as a party in institution of any action, suit, or proceeding seeking to challenge or limit, such equitable subrogation rights. XVI-1 Surety Acknowledgment List of Exhibits