Subrogation Rights definition

Subrogation Rights has the meaning set forth in Section 2.6.

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Subrogation Rights has the meaning assigned to such term in Article IX.

Subrogation Rights has the meaning given to it in paragraph (a)(ii) of Clause 24.8 (Deferral of Guarantor’s rights).

Examples of Subrogation Rights in a sentence

• All applicable policies shall include a Waiver of Subrogation (Rights of Recovery) in favor of the City.

• From and after the date when all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents and Hedging Documents have been irrevocably paid in full, the Subrogation Rights of the Guarantors may be exercised and enforced by the Guarantors in their sole discretion.

• Alternatively, the City may assign its Subrogation Rights to the member or the member's dependent in care of the solicitor representing such member or member's dependent and the member or member's dependents will advance a claim on behalf of the City in accordance this clause.

• From and after the date when all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, the Subrogation Rights of the Guarantors may be exercised and enforced by the Guarantors in their sole discretion.

• In addition, each party hereto agrees that, except to the extent that the Agent has sold an Advance (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Agent may be equitably subrogated, the Agent shall be contractually subrogated to all the rights and interests of the applicable Lender or Issuing Bank under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the "Erroneous Payment Subrogation Rights").

More Definitions of Subrogation Rights

Subrogation Rights has the meaning assigned to it in Section 9.15(c).

Subrogation Rights means any and all rights of subrogation, reimbursement, exoneration, contribution or indemnification, any right to participate in any claim or remedy of the Agent or the Guaranteed Parties or any collateral which any Guaranteed Party or the Agent now has or hereafter acquires in connection with the payment, performance or enforcement of the Subsidiary Guarantor's obligations under this Subsidiary Guarantee, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including the right to take or receive, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or other rights. To effectuate such subordination, the Subsidiary Guarantor hereby agrees that it shall not be entitled to exercise any Subrogation Rights or to receive any payment by the Borrower in respect of any Guaranteed Obligations until all of the Guaranteed Obligations have been indefeasibly paid in full. If any amount shall be paid to the Subsidiary Guarantor in violation of the preceding sentence and the Guaranteed Obligations shall not have been paid in full or any commitment of any Lender under any of the Agreements shall not have been irrevocably terminated, such amount shall be deemed to have been paid to the Subsidiary Guarantor for the benefit of, and held in trust for, the Agent for the benefit of the Guaranteed Parties, and shall forthwith be paid to the Agent to be credited and applied to the Guaranteed Obligations, whether matured or unmatured. The Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Agreements and that the subordination set forth in this Section is knowingly made in contemplation of such benefits.

Subrogation Rights means all rights of indemnity, exoneration, subrogation, contribution, and any other such rights that may apply among Borrowers respecting the Obligations.

Subrogation Rights see Section 2.

Subrogation Rights as defined in Section 12.17(e).

Subrogation Rights has the meaning specified in Section 9.15(c). “Subsidiary” of a Person means a corporation, company, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. -52-

Subrogation Rights means any and all rights of subrogation, reimbursement, exoneration, contribution or indemnification, any right to participate in any claim or remedy payee now has or hereafter acquires in connection with the payment, performance or enforcement of each Guarantor's obligations under this Guaranty or any Loan Document, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including the right to take or receive, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or other rights. To effectuate such subordination, each Guarantor hereby agrees that it shall not be entitled to any payment by the Borrower or any Credit Party in respect of any Subrogation Right until all of the Guaranteed Obligations have been indefeasibly paid in full. If any amount shall be paid to a Guarantor in violation of the preceding sentence and the Guaranteed Obligations shall not have been paid in full, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held in trust for, the Lender, and shall forthwith be paid to the Lender to be credited and applied to the Guaranteed Obligations, whether matured or unmatured. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the subordination set forth in this Section is knowingly made in contemplation of such benefits.