Common use of Subordination of Subrogation Clause in Contracts

Subordination of Subrogation. Notwithstanding any payments made or obligations performed by the Guarantor by reason of this Guaranty (including, but not limited to, application of funds on account of such payments or obligations), the Guarantor hereby irrevocably subordinates until the indefeasible repayment in full of the Indebtedness any and all rights the Guarantor may have at any time (whether arising directly or indirectly, by operation of law, contract, or otherwise) (i) to assert any claim against the Borrower or any other Person, or against any direct or indirect security, on account of payments made or obligations performed under or pursuant to this Guaranty, including, without limitation, any and all rights of subrogation, reimbursement, exoneration, contribution, or indemnity, or (ii) to require the marshaling of any assets of the Borrower, which right of marshaling might otherwise arise from payments made or obligations performed under or pursuant to this Guaranty, and any and all rights that would result in the Guarantor being deemed a “creditor” under the Bankruptcy Code of the Borrower or any other Person.