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

Subrogation to Rights of Holders of Senior Indebtedness. After the indefeasible payment in full of all Senior Indebtedness, the Holder of the Note shall be subrogated (equally and ratably with the holders of all indebtedness of the Maker which by its express terms is subordinated to Senior Indebtedness of the Maker to the same extent as the Note is subordinated and which is entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of the Maker applicable to the Senior Indebtedness until all amounts owing on the Note 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 Maker or by or on behalf of the Holder of the Note by virtue of this Section which otherwise would have been made to the Holder of the Note shall, as between the Maker and the Holder of the Note, be deemed to be payments by the Maker to or on account of Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. After Subject to the indefeasible payment in full in cash or cash equivalent of all Senior Indebtedness, the Holder Bank, in its capacity hereunder, and not as a holder of the Note Senior Indebtedness, shall be subrogated (equally and ratably with the holders of all indebtedness of the Maker which by its express terms is subordinated to Senior Indebtedness of the Maker to the same extent as the Note is subordinated and which is entitled to like rights of subrogationI) to the rights of the holders of such Senior Indebtedness to receive payments or and distributions of assets of the Maker cash, property and securities applicable to the Senior Indebtedness and (ii) to the security interests which have been or may hereafter be granted by the Customer to the holders of Senior Indebtedness. until all amounts owing on the Note obligations arising hereunder shall be paid in full, and for the purpose . For purposes of such subrogation, no such payments payment or distributions to the holders of Senior Indebtedness by of any cash, property or on behalf of securities to which Bank, it its capacity hereunder, would be entitled except for the Maker or by or on behalf of the Holder of the Note by virtue provisions of this Section which otherwise would have been made Agreement and no payments over pursuant to the Holder provision of this Agreement to the Note shallholders of Senior Indebtedness, as between the Maker and the Holder of the NoteBank, in its capacity hereunder, be deemed to be payments a payment or distribution by the Maker Customer to or on account of the Senior Indebtedness, thereto.

Subrogation to Rights of Holders of Senior Indebtedness. After Senior Indebtedness shall not be deemed to have been paid in full unless the indefeasible holders thereof shall have received cash, securities or other property, equal to the amount of such Senior Indebtedness then outstanding. Subject to the payment in full of all Senior Indebtedness, the Holder rights of the Note Holders of Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Maker which by its express terms is subordinated to Senior Indebtedness of the Maker to the same extent as the Note is subordinated and which is entitled to like rights of subrogation) to the rights of the any holders of Senior Indebtedness to receive any further payments or distributions of assets of the Maker applicable to the Senior Indebtedness until all amounts owing the principal of (and premium, if any) and interest on the Note Debentures shall be paid in full, and for the purpose by reason of such subrogation, no such payments of cash, property or distributions securities which would be paid or distributed to the holders of Senior Indebtedness by or on behalf of the Maker or by or on behalf of the Holder of the Note by virtue of this Section which otherwise would have been made to the Holder of the Note Indebtedness, shall, as between among the Maker Company and its creditors other than holders of Senior Indebtedness, on the one hand, and the Holder Holders of Debentures, on the Noteother, be deemed to be payments a payment or distribution by the Maker Company to or on account of the Senior IndebtednessIndebtedness and not on account of the Convertible Debentures.

Subrogation to Rights of Holders of Senior Indebtedness. After Subject to the indefeasible payment in full of all Senior IndebtednessIndebtedness of the Company as provided herein, the Holder Holders of the Note Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness of the Maker which by its express terms is subordinated to such Senior Indebtedness of the Maker pursuant to the same extent as the Note is subordinated and which is entitled to like rights provisions of subrogationthis ARTICLE THIRTEEN) to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Maker Company applicable to the Senior Indebtedness until all amounts owing on the Note Securities shall be paid in full, and for . For the purpose of such subrogation, no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Maker Company, or by or on behalf of the Holder Holders of the Note Securities by virtue of this Section ARTICLE THIRTEEN, which otherwise would have been made to the Holder of the Note such Holders shall, as between the Maker Company and the Holder of the Notesuch Holders, be deemed to be payments payment by the Maker to Company or on account of such Senior Indebtedness., it being understood that the provisions of this

Subrogation to Rights of Holders of Senior Indebtedness. After the indefeasible payment in full of all Senior Indebtedness, the Holder of the Note shall be subrogated (equally and ratably with the holders of all indebtedness of the Maker which by its express terms is subordinated to Senior Indebtedness of the Maker to the same extent as the this Note is subordinated and which is entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness Creditors to receive payments or distributions of assets of the Maker applicable to the Senior Indebtedness until all amounts owing on the Note shall be paid in full, and for the purpose of such subrogation, no such payments or distributions to the holders of Senior Indebtedness Creditors by or on behalf of the Maker or by or on behalf of the Holder of the Note by virtue of this Section which otherwise would have been made to the Holder of the Note shall, as between the Maker and the Holder of the Note, be deemed to be payments by the Maker to or on account of Senior Indebtedness; provided that no Senior Creditor shall be deemed to have made any representations or warranties with regard to any rights that may accrue to the Holder pursuant to such rights of subrogation.