Common use of No Right of Subrogation Clause in Contracts

No Right of Subrogation. Guarantor hereby acknowledges that it will not be entitled to reimbursement or distribution from Developer or another guarantor on account of any sums paid by them pursuant to this Guaranty. Guarantor hereby acknowledges and agrees that Guarantor shall not have any right of subrogation by reason of payments or performance in compliance with the terms of this Guaranty, any such right being hereby expressly waived and relinquished. For so long as the Guaranteed Obligations or any obligations under the PDA, Construction and Use Covenant, and Affordability Covenant remain outstanding, Guarantor waives and releases any claim (within the meaning of 11 U.S.C. § 101) which Guarantor may have against Developer or another Guarantor arising from a payment made by such Guarantor under this Guaranty and agrees not to assert or take advantage of any subrogation rights of Guarantor or any right of Guarantor to proceed against Developer or another guarantor for reimbursement. It is expressly understood that the waivers and agreements of Guarantor set forth above constitute additional and cumulative benefits given to District for its security and as an inducement for it to enter into the PDA with Developer.