Common use of Defines Rights of Creditors; Subrogation Clause in Contracts

Defines Rights of Creditors; Subrogation. (a) The provisions of this Agreement are solely for the purpose of defining the relative rights of Subordinated Creditor, Collateral Agent and Buyers and shall not be deemed to (i) create any rights or priorities in favor of any other Person, including, without limitation, the Company or any Viking Guarantor, or (ii) amend any of the Loan Documents or in any way waive any of the rights that the Collateral Agent and the Buyers have against the Company or any Viking Guarantor under the Loan Documents. (b) Subject to the Payment in Full of the Senior Indebtedness, in the event and to the extent cash, property or securities otherwise payable or deliverable to the holders of the Subordinated Indebtedness shall have been applied pursuant to this Agreement to the payment of Senior Indebtedness, then and in each such event, the holders of the Subordinated Indebtedness shall be subrogated to the rights of each holder of Senior Indebtedness to receive any further payment or distribution in respect of or applicable to the Senior Indebtedness; and, for the purposes of such subrogation, no payment or distribution to the holders of Senior Indebtedness of any cash, property or securities to which any holder of Subordinated Indebtedness would be entitled except for the provisions of this Agreement shall, and no payment over pursuant to the provisions of this Agreement to the holders of Senior Indebtedness by the holders of the Subordinated Indebtedness shall, as between the Company or any Viking Guarantor, its creditors other than the holders of Senior Indebtedness and the holders of Subordinated Indebtedness, be deemed to be a payment by the Company or any Viking Guarantor to or on account of Senior Indebtedness.

Defines Rights of Creditors; Subrogation. (a) The provisions of this Agreement are solely for the purpose of defining the relative rights of Subordinated CreditorCreditors, Collateral Agent and Buyers and shall not be deemed to (i) create any rights or priorities in favor of any other Person, including, without limitation, the Company or any Viking Guarantor, or (ii) amend any of the Loan Documents or in any way waive any of the rights that the Collateral Agent and the Buyers have against the Company or any Viking Guarantor under the Loan Documents. (b) Subject to the Payment in Full of the Senior Indebtedness, in the event and to the extent cash, property or securities otherwise payable or deliverable to the holders of the Subordinated Indebtedness shall have been applied pursuant to this Agreement to the payment of Senior Indebtedness, then and in each such event, the holders of the Subordinated Indebtedness shall be subrogated to the rights of each holder of Senior Indebtedness to receive any further payment or distribution in respect of or applicable to the Senior Indebtedness; and, for the purposes of such subrogation, no payment or distribution to the holders of Senior Indebtedness of any cash, property or securities to which any holder of Subordinated Indebtedness would be entitled except for the provisions of this Agreement shall, and no payment over pursuant to the provisions of this Agreement to the holders of Senior Indebtedness by the holders of the Subordinated Indebtedness shall, as between the Company or any Viking Guarantor, its creditors other than the holders of Senior Indebtedness and the holders of Subordinated Indebtedness, be deemed to be a payment by the Company or any Viking Guarantor to or on account of Senior Indebtedness.