Common use of No Right of Subrogation Clause in Contracts

No Right of Subrogation. The Guarantor will not exercise any rights of subrogation which the Guarantor may have unless and until this Agreement shall have been terminated as provided in Section 3.02. If any payment is made to the Guarantor with respect to any payments due by the Guarantor under this Agreement at any time prior to such termination of this Agreement, he will be paid forthwith to the Credit Obligor to be applied to installments due or coming due under the Obligations in the order and the manner provided in the Credit Agreement or otherwise determined by the Credit Obligor.

Appears in 3 contracts

Samples: Limited Credit Guaranty Agreement (Cavalier Homes Inc), Limited Credit Guaranty Agreement (Cavalier Homes Inc), Limited Credit Guaranty Agreement (Cavalier Homes Inc)

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No Right of Subrogation. The Guarantor will not exercise any rights of subrogation which the Guarantor may have unless and until this Agreement shall have been terminated as provided in Section 3.02. If any payment is made to the Guarantor with respect to any payments due by the Guarantor under this Agreement at any time prior to such termination of this Agreement, he it will be paid forthwith to the Credit Obligor to be applied to installments due or coming due under the Obligations in the order and the manner provided in the Credit Agreement or otherwise determined by the Credit Obligor.

Appears in 1 contract

Samples: Limited Credit Guaranty Agreement (Cavalier Homes Inc)

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