Common use of Securityholders to Be Subrogated to Rights of Holders of Senior Indebtedness Clause in Contracts

Securityholders to Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of any series of Securities shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on such series of Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of Senior Indebtedness by or on behalf of the Company or by or on behalf of the Holders of such series by virtue of this Article Three which otherwise would have been made to the Holders of such series shall, as between the Company and the Holders of such series, be deemed to be payment by the Company to or on account of the Senior Indebtedness, it being understood that the provisions of this Article Three are and are intended solely for the purpose of defining the relative rights of the Holders of such series, on the one hand, and the holders of Senior Indebtedness, on the other hand.