Common use of Deferral of Subrogation Clause in Contracts

Deferral of Subrogation. No Subordinated Lender or Obligor will exercise any rights which it may have by reason of the performance by it of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Finance Documents of any Senior Lender 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 of each Senior Lender have been irrevocably paid in full.