Right of Subrogation. (a) Each Party acknowledges and accepts that GIEK, without any notice or formalities of any kind, shall have an automatic pari passu pro rata right of subrogation into the rights, entitlements and powers of Eksportfinans under this Agreement and the Security Documents immediately upon, and in each case to the extent of, any and all payments made by GIEK under the GIEK Guarantee. The Guarantors and the Parent Guarantor shall have no right of subrogation under this Agreement.
Appears in 4 contracts
Samples: Facility Agreement (KNOT Offshore Partners LP), Guarantee Agreement (KNOT Offshore Partners LP), Agreement
