Common use of Waiver of Right of Marshalling Clause in Contracts

Waiver of Right of Marshalling. (a) Prior to the Discharge of Priority Lien Obligations, holders of Junior Lien Obligations and each Junior Lien Representative may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Priority Lien Obligations (in their capacity as priority lienholders). (b) Following the Discharge of Priority 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 Priority Lien Obligations.

Waiver of Right of Marshalling. (a) Prior to the Discharge of Priority Lien Obligations, holders of Junior the Parity Lien Obligations Secured Parties and each Junior Lien Representative the Collateral Trustee may not assert or enforce any right of marshalling marshaling, appraisal, valuation or other similar right accorded to a junior lienholder, as against the holders of Priority Lien Obligations Secured Parties (in their capacity as priority lienholders). (b) Following the Discharge of Priority Lien Obligations, the holders of Junior Parity Lien Obligations and any Junior Lien Representative Secured Parties 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 Priority Lien ObligationsSecured Parties.

Waiver of Right of Marshalling. (a) Prior to the Discharge of Priority Lien Obligations, the holders of Junior Parity Lien Obligations and Obligations, each Junior Parity 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 any Priority Lien Obligations Liens (in their capacity as priority lienholders). (b) Following the Discharge of 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 Priority Lien Obligations.