Common use of Subrogation; Marshalling Clause in Contracts

Subrogation; Marshalling. No Creditor shall be subrogated to, or be entitled to any assignment of any of its Creditors’ Debt or of any Collateral or guarantees or evidence of any thereof, until all of the Creditors’ Debt of the other Creditors is indefeasibly paid and satisfied in full and such other Creditor’s financing arrangements with Borrowers have been terminated. Each Creditor hereby waives any and all rights to have any Collateral, or any part thereof, granted to the other Creditor marshaled upon any foreclosure or other disposition of such Collateral by such other Creditor, or any Borrower with the consent of such other Creditor, and waives any right to require the other Creditor to seek recourse against or satisfaction of the indebtedness owing by any Borrower to it from one source before recourse or satisfaction from any other source.