Common use of Deferral of Subrogation Clause in Contracts

Deferral of Subrogation. (a) No Creditor or Debtor will exercise any rights which it may have by reason of the performance by it of its obligations under the Debt Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Debt Documents of any Creditor which ranks ahead of it in accordance with the priorities set out in Clause 2 (Ranking and Priority) until such time as all of the Liabilities owing to each prior ranking Creditor (or, in the case of any Debtor, owing to each Creditor) have been irrevocably paid in full. (b) No Subordinated Creditor will exercise any rights which it may have to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Debt Documents of any Creditor until such time as all of the Liabilities owing to each Creditor have been irrevocably paid in full.

Deferral of Subrogation. (a) No Creditor or Debtor Obligor will exercise any rights which it may have by reason of the performance by it of its obligations under the Debt Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Debt Finance Documents of any Creditor which ranks ahead of it in accordance with the priorities set out in Clause 2 (Ranking and Priority) until such time as all of the Liabilities owing to each prior ranking Creditor (or, in the case of any DebtorObligor, owing to each Creditor) have been irrevocably paid in full. (b) No Subordinated Creditor will exercise any rights which it may have to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Debt Finance Documents of any Creditor until such time as all of the Liabilities owing to each Creditor have been irrevocably paid in full.

Deferral of Subrogation. (aA) No Creditor or Debtor Obligor will exercise any rights which it may have by reason of the performance by it of its obligations under the Debt Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Debt Finance Documents of any Creditor which ranks ahead of it in accordance with the priorities set out in Clause 2 (Ranking and Priority) until such time as all of the Liabilities owing to each prior ranking Creditor (or, in the case of any DebtorObligor, owing to each Creditor) have been irrevocably paid in full. (bB) No Subordinated Creditor will exercise any rights which it may have to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Debt Finance Documents of any Creditor until such time as all of the Liabilities owing to each Creditor have been irrevocably paid in full.