Common use of Subrogation; Marshalling Clause in Contracts

Subrogation; Marshalling. Junior Creditor shall not be subrogated to, or be entitled to any assignment of any Senior Debt or Junior Debt or of any collateral for or guarantees or evidence of any thereof until all of the Senior Debt is indefeasibly paid and satisfied in full. Junior Creditor hereby waives any and all rights to have any collateral or any part thereof granted to or held by Senior Creditor marshalled upon any foreclosure or other disposition of such collateral by Senior Creditor or Debtor with the consent of Senior Creditor. When the Senior Debt shall have been indefeasibly paid in full and discharged and all the Senior Creditor Agreements have been terminated, to the extent permitted by law, the Junior Creditor shall, to the extent permitted by law, be subrogated to the rights of the Senior Creditor to receive payments or distribution of assets in respect of the Junior Debt.

Subrogation; Marshalling. Junior Creditor shall not be subrogated to, or be entitled to any assignment of any Senior Debt or Junior Debt or of any collateral for or guarantees or evidence of any thereof until all of the Senior Debt is indefeasibly paid and satisfied in full. Junior Creditor hereby waives any and all rights to have any collateral or any part thereof granted to or held by Senior Creditor marshalled upon any foreclosure or other disposition of such collateral by Senior Creditor or Debtor with the consent of Senior Creditor. When the Senior Debt shall have been indefeasibly paid in full and discharged and all the Senior Creditor Agreements have been terminated, to the extent permitted by law, the Junior Creditor shall, to the extent permitted by law, be subrogated to the rights of the Senior Creditor to receive payments or distribution of assets in respect of the Junior Debt.