Common use of Subrogation to Rights of Holders of Senior Debt Clause in Contracts

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt of the Company as provided herein, the Holders of the Securities of any series and any related Guarantees shall be subrogated (to the extent of the payments or distributions made to the holders of that Senior Debt pursuant to the provisions of this Article X) to the rights of the holders of that Senior Debt to receive payments or distributions of assets of the Company or the Guarantors, as the case may be, applicable to that Senior Debt until all amounts owing on the Securities shall be paid in full. For the purpose of that subrogation, no such payments or distributions to the holders of that Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series and any related Guarantees by virtue of this Article X, which otherwise would have been made to those Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the Company and those Holders, be deemed to be payment by the Company or the Guarantors, as the case may be, or on account of that Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of any series and any related Guarantees, on the one hand, and the holders of that Senior Debt, on the other hand. If any payment or distribution to which the Holders of the Securities and any related Guarantees would otherwise have been entitled but for the provisions of this Article X shall have been applied, pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt of the Company, then those Holders shall be entitled to receive from the holders of that Senior Debt any payments or distributions received by those holders of Senior Debt of the Company in excess of the amount sufficient to pay all amounts payable under or in respect of that Senior Debt in full.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt of the Company as provided herein, the Holders of the Securities of any series and any related Guarantees shall be subrogated (to the extent of the payments or distributions made to the holders of that Senior Debt pursuant to the provisions of this Article X) to the rights of the holders of that Senior Debt to receive payments or distributions of assets of the Company or the Guarantors, as the case may be, applicable to that Senior Debt until all amounts owing on the Securities shall be paid in full. For the purpose of that subrogation, no such payments or distributions to the holders of that Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series and any related Guarantees by virtue of this Article X, which otherwise would have been made to those Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the Company and those Holders, be deemed to be payment by the Company or the Guarantors, as the case may be, or on account of that Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of any series and any related GuaranteesSecurities, on the one hand, and the holders of that Senior Debt, on the other hand. If any payment or distribution to which the Holders of the Securities and any related Guarantees would otherwise have been entitled but for the provisions of this Article X shall have been applied, pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt of the Company, then those Holders shall be entitled to receive from the holders of that Senior Debt any payments or distributions received by those holders of Senior Debt of the Company in excess of the amount sufficient to pay all amounts payable under or in respect of that Senior Debt in full.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt of the Company as provided herein, the Holders of the Securities of any series and any related Guarantees shall be subrogated (to the extent of the payments or distributions made to the holders of that Senior Debt pursuant to the provisions of this Article X) to the rights of the holders of that Senior Debt to receive payments or distributions of assets of the Company or the any Guarantors, as the case may be, applicable to that Senior Debt until all amounts owing on the Securities shall be paid in full. For the purpose of that subrogation, no such payments or distributions to the holders of that Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series and any related Guarantees by virtue of this Article X, which otherwise would have been made to those Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the Company and those Holders, be deemed to be payment by the Company or the any Guarantors, as the case may be, or on account of that Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of any series and any related Guarantees, on the one hand, and the holders of that Senior Debt, on the other hand. If any payment or distribution to which the Holders of the Securities and any related Guarantees would otherwise have been entitled but for the provisions of this Article X shall have been applied, pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt of the Company, then those Holders shall be entitled to receive from the holders of that Senior Debt any payments or distributions received by those holders of Senior Debt of the Company in excess of the amount sufficient to pay all amounts payable under or in respect of that Senior Debt in full.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt of the Company as provided herein, the Holders holders of the Securities of any series and any related Guarantees Debentures shall be subrogated (to the extent of the payments or distributions made to the holders of that such Senior Debt pursuant to the provisions of this Article XArticle) to the rights of the holders of that such Senior Debt to receive payments or distributions of assets of the Company or the Guarantors, as the case may be, applicable to that the Senior Debt until all amounts owing on the Securities Debentures shall be paid in full. For the purpose of that such subrogation, no such payments or distributions to the holders of that such Senior Debt by the Company, or by or on behalf of the Holders holders of the Securities of such series and any related Guarantees Debentures by virtue of this Article XXIV, which otherwise would have been made to those Holders such holders shall, as among the Company, its creditors other than the holders of Senior Debt of between the Company and those Holderssuch holders, be deemed to be payment by the Company or the Guarantors, as the case may be, or on account of that such Senior Debt, it being understood that the provisions of this Article X XIV are and are intended solely for the purpose of defining the relative rights of the Holders holders of the Securities of any series and any related GuaranteesDebentures, on the one hand, and the holders of that such Senior Debt, on the other hand. If any payment or distribution to which the Holders holders of the Securities and any related Guarantees Debentures would otherwise have been entitled but for the provisions of this Article X XIV shall have been applied, pursuant to the provisions of this Article XXIV, to the payment of amounts payable under Senior Debt of the Company, then those Holders such holders shall be entitled to receive from the holders of that such Senior Debt any payments or distributions received by those such holders of Senior Debt of the Company in excess of the amount sufficient to pay all amounts payable under or in respect of that such Senior Debt in full.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt of the Company as provided herein, the Holders of the Securities of any series and any related Guarantees shall be subrogated (to the extent of the payments or distributions made to the holders of that such Senior Debt pursuant to the provisions of this Article X) to the rights of the holders of that such Senior Debt to receive payments or distributions of assets of the Company or the Guarantors, as the case may be, applicable to that the Senior Debt until all amounts owing on the Securities of such series shall be paid in full. For the purpose of that such subrogation, no such payments or distributions to the holders of that Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series and any related Guarantees by virtue of this Article X, which otherwise would have been made to those such Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the Company and those such Holders, be deemed to be payment by the 52 Company or the Guarantors, as the case may be, or on account of that such Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of any series and any related Guaranteesa series, on the one hand, and the holders of that such Senior Debt, on the other hand. If any payment or distribution to which the Holders of the Securities and any related Guarantees would otherwise have been entitled but for the provisions of this Article X shall have been applied, pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt of the Company, then those such Holders shall be entitled to receive from the holders of that such Senior Debt any payments or distributions received by those such holders of Senior Debt of the Company in excess of the amount sufficient to pay all amounts payable under or in respect of that such Senior Debt in full.