In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to Section 3.03 ), the Borrowers jointly and severally agree that in the event a payment of an obligation shall be made by any Guarantor under this Agreement, the Borrowers shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment.