Right of Subrogation and Related Restrictions. If a Subordinated Debt Party pays or distributes cash, property, or other assets to the Administrative Agent for the benefit of the Senior Lenders, the Subordinated Debt Party will be subrogated to the rights of the Administrative Agent and Senior Lenders with respect to the value of the payment or distribution; provided, however, the Subordinated Debt Party shall not exercise any rights which it may acquire by way of subrogation or contribution under this Agreement, as a result of any payment made hereunder or otherwise, until this Agreement has ceased to be effective in accordance with Section 11.1(a).
Appears in 7 contracts
Samples: Subordination Agreement (Midcoast Energy Partners, L.P.), Credit Agreement and Extension Agreement (Midcoast Energy Partners, L.P.), Credit Agreement and Extension Agreement
Right of Subrogation and Related Restrictions. If a Subordinated Debt Party pays or distributes cash, property, or other assets to the Administrative Agent for the benefit of the Senior Lenders, the Subordinated Debt Party will be subrogated to the rights of the Administrative Agent and Senior Lenders with respect to the value of the payment or distribution; provided, however, the Subordinated Debt Party shall not exercise any rights which it may acquire by way of subrogation or contribution under this Agreement, as a result of any payment made hereunder or otherwise, until this Agreement has ceased to be effective in accordance with Section 11.1(a).
Appears in 1 contract
Samples: Subordination Agreement (Midcoast Energy Partners, L.P.)
