Common use of Waiver of Right of Marshalling Clause in Contracts

Waiver of Right of Marshalling. (a) Prior to the Discharge of Parity Lien Obligations, holders of Junior Lien Obligations, each Junior Lien Representative and the Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Parity Lien Obligations and the Parity Lien Representatives (in their capacity as senior or priority lienholders) with respect to the Collateral. (b) Following the Discharge of Parity Lien Obligations, the holders of Junior Lien Obligations and any Junior Lien Representative may assert their right under the UCC or otherwise to any proceeds remaining following a sale or other disposition of Collateral by, or on behalf of, the holders of Parity Lien Obligations.

Waiver of Right of Marshalling. (a) Prior to the Discharge of Parity Lien Obligations, holders of Junior Lien Obligations, each Junior Lien Representative and the Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Parity Lien Obligations and the Parity Lien Representatives (in their capacity as senior or priority lienholders) with respect to the Collateral). (b) Following the Discharge of Parity Lien Obligations, the holders of Junior Lien Obligations and any Junior Lien Representative may assert their right under the UCC or otherwise to any proceeds remaining following a sale or other disposition of Collateral by, or on behalf of, the holders of Parity Lien Obligations.

Waiver of Right of Marshalling. (a) Prior to the Discharge of Parity Priority Lien Obligations, holders of Junior Lien Obligations, each Junior Lien Representative and the Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Parity Priority Lien Obligations and the Parity Priority Lien Representatives (in their capacity as senior or priority lienholders) with respect to the Collateral). (b) Following the Discharge of Parity Priority Lien Obligations, the holders of Junior Lien Obligations and Obligations, any Junior Lien Representative and the Collateral Trustee may assert their right under the UCC or otherwise to any proceeds remaining following a sale or other disposition of Collateral by, or on behalf of, the holders of Parity Priority Lien Obligations.

Waiver of Right of Marshalling. (a) Prior to the Discharge of Parity Priority Lien Obligations, holders of Junior Parity Lien Obligations, each Junior Parity Lien Representative and the Parity Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Parity Priority Lien Obligations and the Parity Priority Lien Representatives (in their capacity as senior or priority lienholders) with respect to the Collateral). (b) Following the Discharge of Parity Priority Lien Obligations, the holders of Junior Parity Lien Obligations and any Junior Parity Lien Representative may assert their right under the UCC or otherwise to any proceeds remaining following a sale or other disposition of Collateral by, or on behalf of, the holders of Parity Priority Lien Obligations.