Impairment of Subrogation Rights. (a) Upon an Event of Default by the Primary Obligor, the Administrative Agent in its sole discretion, without prior notice (except as required by the Loan Documents or Applicable Law) to or consent of the Secondary Obligor, may elect to foreclose either judicially or nonjudicially against any real or personal property security it may hold for the Primary Obligor Obligations, or accept a transfer of any such security in lieu of foreclosure, or compromise or adjust the Primary Obligor Obligations or any part thereof or make any other accommodation with the Primary Obligor, or exercise any other remedy against the Primary Obligor or any security. No such action by the Administrative Agent shall release or limit the liability of the Secondary Obligor, who shall, subject to the provisions of Section 14.23(a) of the Loan Agreement, remain liable for the Obligations after the action, even if the affect of the action is to deprive the Secondary Obligor of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from the Primary Obligor for any sums paid to the Administrative Agent or any Lender, whether contractual or arising by operation of law or otherwise. The Secondary Obligor expressly agrees that under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or personal property held by the Administrative Agent or any third party after any foreclosure or transfer in lieu of foreclosure of any security for the Primary Obligor Obligations.
Impairment of Subrogation Rights. Guarantor agrees that it shall have no right of subrogation whatsoever with respect to the Notes, or to the monies due or unpaid thereon, or to any collateral securing the same, unless and until PTR shall have received payment in full of all sums due under the Notes and the Loan Documents. Guarantor waives and releases PTR from any damages which Guarantor may incur as a result of any intentional or unintentional or negligent action or inaction of PTR impairing, diminishing or destroying any rights of subrogation which Guarantor may have upon payment of any of the Subsidiaries' obligations. Guarantor further agrees that all the present and future indebtedness to Guarantor of any Subsidiary receiving Loan proceeds shall be and hereby is subordinated, assigned and transferred to PTR. Notwithstanding any other provision of this Guaranty to the contrary, if Guarantor is or becomes an "insider" (as defined in Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Bankruptcy Code) with respect to its Subsidiaries or any other guarantor, Guarantor irrevocably waives any and all rights of contribution, indemnification, reimbursement or any similar right against any of its Subsidiaries and/or such other guarantor (including any right of subrogation), whether such rights arise under an express or implied contract or by operation of law; it being the specific intention of this sentence that in any bankruptcy or insolvency proceeding filed by or against such Subsidiary or any other guarantor, no guarantor, including the Guarantor, shall be deemed a "creditor" (as defined in Section 101 of the United State Bankruptcy Code) of any Subsidiary or any other guarantor by reason of the existence of this Guaranty with the result that the exercise of such rights would require PTR to return to the bankruptcy estate of any Subsidiary or any other guarantor any payments received by PTR on account of the obligations guaranteed hereby. Subject to the limitations set forth in the preceding sentence, until all of the obligations guaranteed hereby have been duly and punctually performed to the satisfaction of PTR, Guarantor shall not be subrogated to any right of PTR against any Subsidiary, any other guarantor or any collateral, and any moneys, property or other consideration received at any time by Guarantors from any Subsidiary in connection with such rights of subrogation prior to the performance by such Subsidiary of all the obligations guaranteed hereby shall be held in trust for PTR and shall be paid ...
Impairment of Subrogation Rights. (i) Upon a default by Borrower, Secured Party in its sole discretion, without prior notice to or consent of Debtor, may elect to foreclose either judicially or nonjudicially against any real or personal property security it may hold for the Third Party Secured Obligation, or accept an assignment of any such security in lieu of foreclosure, or compromise or adjust the Third Party Secured Obligation or any part of it or make any other accommodation with Borrower or Debtor, or Secured Party shall release or otherwise affect this Security Agreement. Debtor expressly agrees that under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or personal property to be held by Secured Party or any third party after any foreclosure or assignment in lieu of foreclosure of any security for the Third Party Secured Obligation.
Impairment of Subrogation Rights. Upon a default of Tenant, Landlord may elect to foreclose nonjudicially or judicially against any real or personal property security it holds for the Obligations or any part thereof, or exercise any other remedy against Tenant or any other person or any security. No such action by Landlord will release or limit the liability of Guarantor, even if the effect of that action is to deprive Guarantor (to the extent that any such right exists notwithstanding the waiver thereof set forth in the foregoing paragraph 4.2) of the right or ability to collect reimbursement from or assert subrogation, indemnity or contribution rights against Tenant or any other person for any sums paid to Landlord, or to obtain reimbursement by means of any security held by Landlord for the Obligations.
Impairment of Subrogation Rights. Upon a default of Tenant, Landlord may elect to foreclose nonjudicially or judicially against any real or personal property security it holds for the Guarantied Obligations or any part thereof, or exercise any other remedy against Tenant or any security. No such action by Landlord will release or limit the liability of Guarantor, even if the effect of that action is to deprive Guarantor, or any other guarantor, of the right or ability to collect reimbursement from or assert subrogation, indemnity or contribution rights against Tenant or any other guarantor for any sums paid to Landlord, or to obtain reimbursement by means of any security held by Landlord for the Guarantied Obligations. Until all obligations under this Guaranty are paid in full, Guarantor hereby waives any and all rights of subrogation (if any) which it may have against Tenant as a result of actions taken or amounts paid in connection with or relating to this Guaranty or the Lease.
Impairment of Subrogation Rights. 6.1 Upon a default of Borrower or an Event of Default, Lender may elect to foreclose nonjudicially or judicially against any real or personal property security it holds for any of the Guarantied Obligations, exercise any other remedy against Borrower or any security or any guarantor or other person, and(or) take a deed or assignment of security in lieu of foreclosure. No such action by Lender will release or limit the liability of Guarantor, even if the effect of that action is to deprive Guarantor of the right or ability to collect reimbursement from or assert subrogation, indemnity or contribution rights against Borrower or any other guarantor or other person for any sums paid to Lender, or to obtain reimbursement by means of any security held by Lender for the Guarantied Obligations.
Impairment of Subrogation Rights. Upon a default of Borrower, Lenders may elect to non-judicially or judicially foreclose against any Collateral it holds for all or any portion of the Guaranteed Obligations or other indebtedness or any part thereof, or exercise any other remedy against Borrower or any security. No such action by Lenders will release or limit the liability of Guarantor to Lenders, even if the effect of that action is to deprive Guarantor of the right to collect reimbursement from Borrower for any sums paid to Lenders.
Impairment of Subrogation Rights. Upon a default of the -------------------------------- Borrower, the Agent may elect to nonjudicially or judicially foreclose against any real or personal property security it holds for the Shortfall, or any other of the Obligations owing to the Beneficiaries by the Borrower, or any part thereof, or to exercise any other remedy against the Borrower or any security. No such action by the Agent will release or limit the liability of Guarantor to the Beneficiaries, even if the effect of that action is to deprive Guarantor of the right to collect reimbursement from the Borrower for any sums paid hereunder.
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Impairment of Subrogation Rights. Upon an Event of Default applicable to Borrower, the Beneficiary may elect to nonjudicially or judicially foreclose against any real or personal property security it holds for the Indebtedness or any part thereof or exercise any other remedy against the Borrower or any security. No such action by the Beneficiary will release or limit the liability of any Guarantor to the Beneficiary even if the effect of that action is to deprive the Guarantor of the right to collect reimbursement from the Borrower for any sums paid to the Beneficiary.
