Common use of Subrogation; Recovery Clause in Contracts

Subrogation; Recovery. Subject to the payment in full of all of the Senior Debt, Subordinated Creditor shall be subrogated to the rights of Agent and Senior Lenders to receive Distributions with respect to the Senior Debt until the Subordinated Debt is paid in full. If Agent or any Senior Lender is required to disgorge any proceeds of Collateral, payment or other amount received by such Person (whether because such proceeds, payment or other amount is invalidated, declared to be fraudulent or preferential or otherwise) or turn over or otherwise pay any amount (a "Recovery") to the estate or to any creditor or representative of a Company or any other Person, then the Senior Debt shall be reinstated (to the extent of such Recovery) as if such Senior Debt had never been paid and to the extent Subordinated Creditor has received proceeds, payments or other amounts to which Subordinated Creditor would not have been entitled under this Agreement had such reinstatement occurred prior to receipt of such proceeds, payments or other amounts, Subordinated Creditor shall turn over such proceeds, payments or other amounts to Agent for reapplication to the Senior Debt. A Distribution made pursuant to this Agreement to Agent or Senior Lenders which otherwise would have been made to Subordinated Creditor is not, as ​ ​ ​ between the Companies and Subordinated Creditor, a payment by the Companies to or on account of the Senior Debt.

Subrogation; Recovery. Subject to the payment Payment in full of all Full of the Senior Debt, each Subordinated Creditor Party shall be subrogated to the rights of Agent and Senior Lenders to receive Distributions with respect to until the Senior Debt until the Subordinated Debt is paid Paid in fullFull. If Agent or any Senior Lender is required to disgorge any proceeds of Collateral, payment or other amount received by such Person (whether because such proceeds, payment or other amount is invalidated, declared to be fraudulent or preferential or otherwise) or turn over or otherwise pay any amount (a "“Recovery"”) to the estate or to any creditor or representative of a the Company or any other Person, then the Senior Debt shall be reinstated (to the extent of such Recovery) as if such Senior Debt had never been paid and to the extent any Subordinated Creditor Party has received proceeds, payments or other amounts to which such Subordinated Creditor Party would not have been entitled under this Agreement had such reinstatement occurred prior to receipt of such proceeds, payments or other amounts, such Subordinated Creditor Party shall turn over such proceeds, payments or other amounts to Agent for reapplication to the Senior Debt. A Distribution made pursuant to this Agreement to Agent or Senior Lenders which otherwise would have been made to any Subordinated Creditor Party is not, as ​ ​ ​ between the Companies Credit Parties and the Subordinated CreditorParties, a payment by the Companies Credit Parties to or on account of the Senior Debt.

Subrogation; Recovery. Subject to the payment in full of all of the Senior Debt, Subordinated Creditor Creditors shall be subrogated to the rights of Senior Agent and Senior Lenders to receive Distributions with respect to the Senior Debt until the Subordinated Debt is paid in full. If Senior Agent or any Senior Lender is required to disgorge any proceeds of Collateral, payment or other amount received by such Person (whether because such proceeds, payment or other amount is invalidated, declared to be fraudulent or preferential or otherwise) or turn over or otherwise pay any amount (a "“Recovery"”) to the estate or to any creditor or representative of a Company or any other Person, then the Senior Debt shall be reinstated (to the extent of such Recovery) as if such Senior Debt had never been paid and to the extent any Subordinated Creditor has received proceeds, payments or other amounts to which such Subordinated Creditor would not have been entitled under this Agreement had such reinstatement occurred prior to receipt of such proceeds, payments or other amounts, such Subordinated Creditor shall turn over such proceeds, payments or other amounts to Senior Agent for reapplication to the Senior Debt. A Distribution made pursuant to this Agreement to Senior Agent or Senior Lenders which otherwise would have been made to Subordinated Creditor Creditors is not, as ​ ​ ​ between the Companies and Subordinated CreditorCreditors, a payment by the Companies to or on account of the Senior Debt.

Subrogation; Recovery. Subject to the payment Payment in full of all Full of the Senior Debt, each Subordinated Creditor Party shall be subrogated to the rights of Agent and Senior Lenders to receive Distributions with respect to until the Senior Debt until the Subordinated Debt is paid Paid in fullFull. If Agent or any Senior Lender is required to disgorge any proceeds of Collateral, payment or other amount received by such Person (whether because such proceeds, payment or other amount is invalidated, declared to be fraudulent or preferential or otherwise) or turn over or otherwise pay any amount (a "Recovery") to the estate or to any creditor or representative of a the Company or any other Person, then the Senior Debt shall be reinstated (to the extent of such Recovery) as if such Senior Debt had never been paid and to the extent any Subordinated Creditor Party has received proceeds, payments or other amounts to which such Subordinated Creditor Party would not have been entitled under this Agreement had such reinstatement occurred prior to receipt of such proceeds, payments or other amounts, such Subordinated Creditor Party shall turn over such proceeds, payments or other amounts to Agent for reapplication to the Senior Debt. A Distribution made pursuant to this Agreement to Agent or Senior Lenders which otherwise would have been made to any Subordinated Creditor Party is not, as ​ ​ ​ between the Companies Credit Parties and the Subordinated CreditorParties, a payment by the Companies Credit Parties to or on account of the Senior Debt.