Common use of Subrogation, etc Clause in Contracts

Subrogation, etc. No payment or distribution to the Senior Lenders pursuant to the provisions of this Agreement shall entitle the Trustee or the Noteholders to exercise any rights of subrogation, contribution, reimbursement or indemnity in respect thereof until all Senior Indebtedness shall have been Paid in Full. After the Senior Indebtedness has been Paid in Full, the Noteholders shall be subrogated to the rights of the Senior Lenders to receive payments or distributions of assets of the Obligors applicable to the Senior Indebtedness until all amounts owing in respect of the Junior Indebtedness shall be Paid in Full, and for the purpose of such subrogation, no such payments or distributions to the Senior Lenders by or on behalf of the Obligors or by or on behalf of the Trustee or the Noteholders by virtue of this Agreement which otherwise would have been made to the Trustee or the Noteholders shall, as among the Obligors, their creditors other than the Senior Lenders and the Trustee and the Noteholders, be deemed to be payment by the Obligors to or on account of the Trustee or the Senior Indebtedness, it being understood that the above provisions relating to subordination are solely for the purpose of defining the relative rights of the Senior Lenders on the one hand, and the Trustee and the Noteholders, on the other hand.

Subrogation, etc. No payment or distribution to the Senior Agent or the Senior Lenders pursuant to the provisions of this Agreement shall entitle the Trustee or the Noteholders Senior Subordinated Lender to exercise any rights of subrogation, contribution, reimbursement or indemnity in respect thereof until all Senior Indebtedness shall have been Paid in Full. After the Senior Indebtedness has been Paid in Full, the Noteholders Senior Subordinated Lender shall be subrogated to the rights of the Senior Agent and the Senior Lenders to receive payments or distributions of assets of the Obligors applicable to the Senior Indebtedness until all amounts owing in respect of the Junior Senior Subordinated Indebtedness shall be Paid have been paid in Fullfull; provided, and however, that for the purpose of such subrogation, no such payments or distributions to the Senior Agent or the Senior Lenders by virtue of this Agreement by or on behalf of the Obligors or by or on behalf of the Trustee or the Noteholders by virtue of this Agreement which Senior Subordinated Lender that otherwise would have been made to the Trustee or Senior Subordinated Lender on account of the Noteholders Senior Subordinated Indebtedness shall, as among the Obligors, their creditors other than the Senior Lenders Agent and the Trustee Senior Lenders, and the NoteholdersSenior Subordinated Lender, be deemed to be payment by the Obligors to or on account of the Trustee or the Senior Indebtedness, it being understood that the above provisions relating to subordination are solely for the purpose of defining the relative rights of the Senior Agent and the Senior Lenders on the one hand, and the Trustee and the NoteholdersSenior Subordinated Lender, on the other hand.

Subrogation, etc. No payment or distribution to the Senior Lenders pursuant to the provisions of this Agreement shall entitle the Trustee or the Noteholders Junior Lender to exercise any rights of subrogation, contribution, reimbursement or indemnity in respect thereof until all Senior Indebtedness shall have been Paid in Full. After the Senior Indebtedness has been Paid in Full, the Noteholders Junior Lender shall be subrogated to the rights of the Senior Lenders to receive payments or distributions of assets of the Obligors applicable to the Senior Indebtedness until all amounts owing in respect of the Junior Indebtedness shall be Paid paid in Fullfull, and for the purpose of such subrogation, no such payments or distributions to the Senior Lenders by or on behalf of the Obligors or by or on behalf of the Trustee or the Noteholders Junior Lender by virtue of this Agreement which otherwise would have been made to the Trustee or the Noteholders Junior Lender shall, as among the Obligors, their creditors other than the Senior Lenders and the Trustee and the NoteholdersJunior Lender, be deemed to be payment by the Obligors to or on account of the Trustee or the Senior Indebtedness, it being understood that the above provisions relating to subordination are solely for the purpose of defining the relative rights of the Senior Lenders on the one hand, and the Trustee and the NoteholdersJunior Lender, on the other hand.

Subrogation, etc. No payment or distribution to the Senior Lenders Agent or any Senior Lender pursuant to the provisions of this Agreement shall entitle the Trustee or the Noteholders Junior Lender to exercise any rights of subrogation, contribution, reimbursement or indemnity in respect thereof until all Senior Indebtedness shall have been Paid in Full. After the Senior Indebtedness has been Paid in Full, the Noteholders Junior Agent and the Junior Lenders shall be subrogated to the rights of the Senior Agent and the Senior Lenders to receive payments or distributions of assets of the Obligors Obligor applicable to the Senior Indebtedness until all amounts owing in respect of the Junior Indebtedness shall be Paid paid in Fullfull, and for the purpose of such subrogation, no such payments or distributions to the Senior Lenders by or on behalf of the Obligors Obligor or by or on behalf of the Trustee or the Noteholders Junior Lenders by virtue of this Agreement which otherwise would have been made to the Trustee or the Noteholders Junior Lenders shall, as among the ObligorsObligor, their creditors other than the Senior Lenders and the Trustee and the NoteholdersJunior Lenders, be deemed to be payment by the Obligors Obligor to or on account of the Trustee or the Senior Indebtedness, it being understood that the above provisions relating to subordination are solely for the purpose of defining the relative rights of the Senior Agent and the Senior Lenders on the one hand, and the Trustee Junior Agent and the NoteholdersJunior Lender, on the other hand.

Subrogation, etc. No payment or distribution to the Senior Lenders Lender pursuant to the provisions of this Agreement shall entitle the Trustee or the Noteholders Junior Creditors to exercise any rights of subrogation, contribution, reimbursement or indemnity in respect thereof until all Senior Indebtedness shall have been Paid in Full. After the Senior Indebtedness has been Paid in Full, the Noteholders Junior Creditors shall be subrogated to the rights of the Senior Lenders Lender to receive payments or distributions of assets of the Obligors applicable to the Senior Indebtedness until all amounts owing in respect of the Junior Indebtedness shall be Paid in Full, and for the purpose of such subrogation, no such payments or distributions to the Senior Lenders Lender by or on behalf of the Obligors or by or on behalf of the Trustee or the Noteholders Junior Creditors by virtue of this Agreement which otherwise would have been made to the Trustee or the Noteholders Junior Creditors shall, as among the Obligors, their creditors other than the Senior Lenders Lender and the Trustee and the NoteholdersJunior Creditors, be deemed to be payment by the Obligors to or on account of the Trustee or the Senior Indebtedness, it being understood that the above provisions relating to subordination are solely for the purpose of defining the relative rights of the Senior Lenders Lender on the one hand, and the Trustee and the NoteholdersJunior Creditors, on the other hand.

Subrogation, etc. No payment or distribution to the Senior Lenders Noteholders pursuant to the provisions of this Agreement shall entitle the Trustee or the Noteholders any Junior Obligee to exercise any rights of subrogation, contribution, reimbursement or indemnity in respect thereof until all Senior Indebtedness Obligations shall have been Paid in Full. After the Senior Indebtedness Obligations has been Paid in Full, the Noteholders Junior Obligees shall be subrogated to the rights of the Senior Lenders Noteholders to receive payments or distributions of assets of the Obligors Company applicable to the Senior Indebtedness Obligations until all amounts owing in respect of the Junior Indebtedness Obligations shall be Paid in Full, and for the purpose of such subrogation, no such payments or distributions to the Senior Lenders Noteholders by or on behalf of the Obligors Company or by or on behalf of the Trustee or the Noteholders Junior Obligees by virtue of this Agreement which otherwise would have been made to the Trustee or the Noteholders Junior Obligees shall, as among the ObligorsCompany, their creditors other than the Senior Lenders Noteholders and the Trustee and the NoteholdersJunior Obligees, be deemed to be payment by the Obligors Company to or on account of the Trustee or the Senior IndebtednessObligations, it being understood that the above provisions relating to subordination are solely for the purpose of defining the relative rights of the Senior Lenders Noteholders on the one hand, and the Trustee and the NoteholdersJunior Obligees, on the other hand.