Common use of Subrogation of Rights Clause in Contracts

Subrogation of Rights. By accepting this Guaranty and entering into the Loan Documents to which it is a party, each Beneficiary agrees that the Guarantor shall be subrogated to all rights of such Beneficiary against the Company in respect of any amounts paid by the Guarantor pursuant to this Guaranty, provided that the Guarantor shall be entitled to enforce or to receive any payment or take any other action arising out of or based upon such right of subrogation only when all amounts payable by the Company under the Loan Documents to which it is a party have been paid and the Loan Documents to which it is a party have been terminated.