Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 205 contracts
Samples: Indenture (Paragon Commercial CORP), Junior Subordinated Indenture (Entegra Financial Corp.), Junior Subordinated Indenture (American Realty Capital Properties, Inc.)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 10 contracts
Samples: Declaration of Trust (Provident Capital Trust Iii), Guarantee Agreement (Comerica Capital Trust Ii), Declaration of Trust (First Security Capital V)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuer which by its express terms is subordinated to Senior Debt the indebtedness of the Company Issuer to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Debt.
Appears in 8 contracts
Samples: Subordinated Indenture (Abn Amro Bank Nv), Orbotech LTD, Abn Amro Bank Nv
Subrogation to Rights of Holders of Senior Debt. Subject to the prior payment in full of all amounts due or to become due on all Senior Debt, or Debt of the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtCompany, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and securities applicable to the Senior Debt of the Company until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders in respect of the Senior Debt of the Company of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Debt, Debt of the Company and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior DebtDebt of the Company; and no payments or distributions to the Trustee or the Holders of the Securities of cash, property or securities that are applied to the satisfaction of Senior Debt of the Company, as the case may be, by virtue of the subordination herein provided for shall, as between the Company, its creditors other than the holders of Senior Debt of the Company and the Holders of the Securities, be deemed to be a payment by the Company to or on account of the Securities.
Appears in 8 contracts
Samples: Subordinated Notes Indenture (First Midwest Bancorp Inc), Indenture (Bok Financial Corp Et Al), Indenture (Bok Financial Corp Et Al)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment unconditional discharge in full of all amounts due or to become due on all the Senior Debt, or Debt of a Subsidiary Guarantor and the provision for Subsidiary Guarantors having no further obligations under such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Debt of the Company that such Subsidiary Guarantor which by its express terms is pari passu and subordinated to Senior Debt of the Company such Subsidiary Guarantor to substantially the same extent as the Securities are such Subsidiary Guarantee is subordinated to the Senior Debt and which is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt of such Subsidiary Guarantor to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities amounts due under such Subsidiary Guarantee shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of such Subsidiary Guarantor of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XIIEleven, and no payments made pursuant to the provisions of this Article XII Eleven to the holders of Senior Debt of such Subsidiary Guarantor by Holders of the Securities Notes or the Trustee, shall, as among the CompanySubsidiary Guarantor, its creditors (other than the holders of Senior Debt, Debt of such Subsidiary Guarantor and the Holders of the SecuritiesHolders), be deemed to be a payment or distribution by the Company such Subsidiary Guarantor to or on account of the holders of Senior DebtDebt of such Subsidiary Guarantor.
Appears in 8 contracts
Samples: Indenture (Ardagh Group S.A.), Indenture (Ardagh Group S.A.), Indenture (Ardagh Group S.A.)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Debentures shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities Debentures are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities Debentures shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Debentures or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities Debentures or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 7 contracts
Samples: Newell Financial Trust I, Dayton Superior Capital Trust, Newfield Exploration Co /De/
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or Debt of the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtCompany as provided herein, the Holders of the Securities of any series shall be subrogated (to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior DebtX) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and securities assets of the Company applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) all amounts owing on the Securities of such series shall be paid in full. For purposes the purpose of such subrogation, no such payments or distributions to the holders of the such Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series by virtue of this Article X, which otherwise would have been made to such Holders shall, as between the Company and such Holders, be deemed to be payment by the Company or on account of 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 a series, on the one hand, and the holders of such Senior Debt, on the other hand. If any cash, property payment or securities distribution to which the Holders of the Securities or the Trustee would be otherwise have been entitled except but for the provisions of this Article XIIX shall have been applied, and no payments made pursuant to the provisions of this Article XII X, to the payment of amounts payable under Senior Debt of the Company, then such Holders shall be entitled to receive from the holders of such Senior Debt any payments or distributions received by such holders of Senior Debt by Holders in excess of the Securities amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Company, its creditors other than holders in respect of such Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior DebtDebt in full.
Appears in 7 contracts
Samples: Indenture (Hilltop Holdings Inc.), Indenture (Conocophillips Co), Civeo Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 6 contracts
Samples: Trust Agreement (Hartford Financial Services Group Inc/De), Nevada Power Co, Hartford Capital Iv /De/
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII Fifteen (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and principal, premium, if any, or interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIFifteen, and no payments made over pursuant to the provisions of this Article XII Fifteen to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 5 contracts
Samples: Hewlett Packard Enterprise Co, Hp Inc, Brocade Communications Systems Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuers which by its express terms is subordinated to Senior Debt Indebtedness of the Company Issuers to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyIssuers, its their creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuers to or on account of the Senior Debt.
Appears in 4 contracts
Samples: Indenture (American Natural Soda Ash Corp.), Indenture (Genesis Free State Holdings, LLC), Indenture (Rise Energy Operating, LLC)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders rights of the holders of the Junior Subordinated Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and or securities of the Company applicable to the Senior Debt until Debt; and, for the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments payment or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders holders of the Junior Subordinated Securities or the Trustee would be entitled except for the provisions of this Article XIIFourteen, and no payments made payment over pursuant to the provisions of this Article XII Fourteen, to or for the benefit of the holders of Senior Debt by Holders holders of the Junior Subordinated Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Debt, and the Holders of the Junior Subordinated Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. It is understood that the provisions of this Article Fourteen are and are intended solely for the purposes of defining the relative rights of the holders of the Junior Subordinated Securities, on the one hand, and the holders of the Senior Debt on the other hand. Nothing contained in this Article Fourteen or elsewhere in this Indenture or in the Junior Subordinated Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt, and the holders of the Junior Subordinated Securities, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the Junior Subordinated Securities the principal of (and premium, if any) and interest on the Junior Subordinated Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the holders of the Junior Subordinated Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein prevent the Trustee or the holder of any Junior Subordinated Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article Fourteen of the holders of Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article Fourteen, the Trustee, subject to the provision of Article Six, and the Holders of the Junior Subordinated Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Junior Subordinated Securities, for the purposes of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other indebtedness of the Company, the amount hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Fourteen.
Appears in 4 contracts
Samples: Indenture (Psi Energy Inc), Indenture (Cinergy Corp), Cinergy Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuer which by its express terms is subordinated to Senior Debt the indebtedness of the Company Issuer to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior DebtSecurities.
Appears in 4 contracts
Samples: Teva Pharmaceutical Finance Co B.V., Subordinated Debt Indenture (Gazit Group Financial LLC), Teva Pharmaceutical Finance Co B.V.
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuer or the Guarantor which by its express terms is subordinated to Senior Debt the indebtedness of the Company Issuer or the Guarantor, as the case may be, to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer or the Guarantor, as the case may be, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuer or the Guarantor to or on account of the Senior DebtSecurities.
Appears in 4 contracts
Samples: Indenture (Teva Pharmaceutical Finance Co B.V.), Debt Indenture (Gazit Group Financial LLC), Teva Pharmaceutical Finance Co B.V.
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtDebt to the extent required under Sections 13.02 and 13.03 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 4 contracts
Samples: Resource Capital Trust I, Southern Financial Capital Trust I, Highlands Capital Trust I
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full in cash of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and of, premium, if any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII10, and no payments made over pursuant to the provisions of this Article XII 10 to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 10 shall have been applied, pursuant to the provisions of this Article 10, to the payment in full in cash of all amounts owing under or in respect of the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts owing under or in respect of such Senior Debt in full in cash.
Appears in 4 contracts
Samples: Indenture (Samsonite Corp/Fl), Samsonite Holdings Inc, Samsonite Holdings Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities Notes are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until to the principal extent that Principal Payments, Interest Payments or payments of Default Interest are payable under this Indenture and any premium and interest (including any Additional Interest) on the Securities shall be paid in fullNotes. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 3 contracts
Samples: Indenture (Iterum Therapeutics PLC), Indenture (Iterum Therapeutics PLC), d1io3yog0oux5.cloudfront.net
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article ARTICLE XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article ARTICLE XII, and no payments made pursuant to the provisions of this Article ARTICLE XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 3 contracts
Samples: Indenture (Bankatlantic Bancorp Inc), Trust Agreement (Bankatlantic Bancorp Inc), Uici
Subrogation to Rights of Holders of Senior Debt. Subject to From and after the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably together with the holders of all any other indebtedness of the Company that which is subordinate in right of payment to the payment in full of all Senior Debt, which is not subordinate in right of payment to the Securities and which by its express terms is subordinated to Senior Debt grants such right of the Company to substantially the same extent as the Securities are subordinated subrogation to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtholder thereof) shall be subrogated to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and assets or securities of the Company applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For , and, for the purposes of such subrogation, no such payments or distributions to the holders of the Senior Debt of any cashassets or securities, property which otherwise would have been payable or securities distributable to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the TrusteeSecurities, shall, as among between the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Debt, on the other hand, and nothing contained in this Article is intended to or shall impair as between the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Securities the principal of, premium, if any, sinking funds and interest, if any, on the Securities as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein prevent the Trustee or the Holder of a Security of any series from exercising all remedies otherwise permitted by applicable law upon default hereunder with respect to the Securities of such series subject to the rights of the holders of Senior Debt, under Section 1602, to receive cash, property or securities of the Company otherwise payable or deliverable to the Trustee or the Holders of the Securities or to a representative of such Holders, on their behalf.
Appears in 3 contracts
Samples: Indenture (Apple Hospitality REIT, Inc.), Apple Hospitality REIT, Inc., Apple Hospitality REIT, Inc.
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or Senior Debt to become due on all Senior Debtthe extent required under Sections 14.02 and 14.03 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 3 contracts
Samples: North Fork Capital Trust I, Usb Holding Co Inc, Usb Holding Co Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Increased Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 3 contracts
Samples: Temecula Valley Bancorp Inc, Temecula Valley Bancorp Inc, First Chester County Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the rights of the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities Notes shall be paid in full. Subject to the payment in full of all Subsidiary Guarantor Senior Debt, the rights of the Holders of the Notes shall be subrogated to the rights of the holders of such Subsidiary Guarantor Senior Debt to receive payments and distributions of cash, property and securities applicable to such Subsidiary Guarantor Senior Debt until the principal of (and premium, if any) and interest on the Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt or Subsidiary Guarantor Senior Debt of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XIIFourteen, and no payments made over pursuant to the provisions of this Article XII Fourteen to the holders of Senior Debt or Subsidiary Guarantor Senior Debt by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Subsidiary Guarantor Senior Debt and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. Neither the Holders of the Notes nor the Trustee shall have any claim against the holders of the Senior Debt or the Credit Facility Agent for any impairment of the subrogation rights herein granted arising out of any release of Liens securing the Senior Debt or the Subsidiary Guarantor Senior Debt.
Appears in 2 contracts
Samples: Indenture (Citadel License Inc), Citadel Communications Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Indebtedness of the Company that which by its express terms is subordinated to Senior Debt other Indebtedness of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Indenture (Burleson Water Resources, LLC), Indenture (Beta Operating Company, LLC)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full in cash of all amounts due or to become due on all or in respect of Senior DebtDebt of the Company or a Guarantor, as the case may be, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of such Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the such Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities or the obligation under such Guarantor's Senior Subordinated Guarantee, as the case may be, shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Company or a Guarantor of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Company or such Guarantor, as the case may be, by Holders of the Securities or the Trustee, shall, as among the CompanyCompany or -101- 110 such Guarantor, as the case may be, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company or such Guarantor, as applicable, to or on account of the Senior DebtDebt of the Company or such Guarantor, as the case may be.
Appears in 2 contracts
Samples: Allied Waste Industries Inc, Allied Waste Industries Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all or in respect of Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Designated Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated subordi nated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and premium, if any) and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.the
Appears in 2 contracts
Samples: Iridium LLC, Iridium World Communications LTD
Subrogation to Rights of Holders of Senior Debt. (a) Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Junior Subordinated Indenture (Wci Communities Inc), Wci Communities Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders rights of the holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and or securities of the Company applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For ; and, for the purposes of such subrogation, no payments payment or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIFourteen, and no payments made payment over pursuant to the provisions of this Article XII Fourteen, to or for the benefit of the holders of Senior Debt by Holders holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. It is understood that the provisions of this Article Fourteen are and are intended solely for the purposes of defining the relative rights of the holders of the Securities, on the one hand, and the holders of the Senior Debt on the other hand. Nothing contained in this Article Fourteen or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt, and the holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the holders of the Securities and creditors of the Company other than the holders of the Senior Securities, nor shall anything herein or therein prevent the Trustee or the holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article Fourteen of the holders of Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment of distribution of assets of the Company referred to in this Article Fourteen, the Trustee, subject to the provision of Article Six, and the holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities, for the purposes of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other indebtedness of the Company, the amount hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Fourteen.
Appears in 2 contracts
Samples: Indenture (Pinnacle West Capital Corp), Pinnacle West Capital Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuer or the Guarantor which by its express terms is subordinated to Senior Debt the indebtedness of the Company Issuer or the Guarantor, as the case may be, to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer or the Guarantor, as the case may be, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuer or the Guarantor to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Amarin Finance Ltd., Orvet Pharmaceuticals Finance Sa
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Debentures shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities Debentures are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities Debentures shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Debentures or the Trustee would be entitled entitled, except for the provisions of this Article XIIArticle, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities Debentures or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Trust Agreement (Ilm Senior Living Inc /Va), Trust Agreement (Ilm Ii Senior Living Inc /Va)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII XIII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made pursuant to the provisions of this Article XII XIII to the holders of Senior Debt by Holders of the Securities or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Silicon Valley Bancshares, Silicon Valley Bancshares
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities Senior Debt shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Debentures shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as 62 the Securities Debentures are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities Debentures shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Debentures or the Trustee would be entitled entitled, except for the provisions of this Article XIIArticle, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities Debentures or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Capital Senior Living Corp), Agreement and Plan of Merger (Capital Senior Living Corp)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.. 62
Appears in 2 contracts
Samples: Simmons First National Corp, Simmons First National Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment unconditional discharge in full of all amounts due or to become due on all the Senior Debt, or Debt of a Guarantor and the provision for Guarantors having no further obligations under such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Debt of the Company that such Guarantor which by its express terms is pari passu and subordinated to Senior Debt of the Company such Guarantor to substantially the same extent as the Securities are such Guarantee is subordinated to the Senior Debt and which is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt of such Guarantor to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities amounts due under such Guarantee shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of such Guarantor of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII11, and no payments made pursuant to the provisions of this Article XII 11 to the holders of Senior Debt of such Guarantor by Holders of the Securities or the Trustee, shall, as among the CompanyGuarantor, its creditors (other than the holders of Senior Debt, Debt of such Guarantor and the Holders of the SecuritiesHolders), be deemed to be a payment or distribution by the Company such Guarantor to or on account of the holders of Senior DebtDebt of such Guarantor.
Appears in 2 contracts
Samples: Digicel Group LTD, Digicel Group LTD
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtIndebtedness, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders rights of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Debt Indebtedness until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIFifteen, and no payments made over pursuant to the provisions of this Article XII Fifteen to the holders of Senior Debt Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior DebtIndebtedness. Neither the Holders of the Securities nor the Trustee shall have any claim against the holders of the Senior Indebtedness or the Credit Facility Agent for any impairment of the subrogation rights herein granted arising out of any release of Liens securing the Senior Indebtedness.
Appears in 2 contracts
Samples: Indenture (Sci Systems Inc), Sci Systems Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtDebt to the extent provided herein, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. A release of any claim by any holder of Senior Debt shall not limit the Rights of the Holders of Securities under this Section 13.6.
Appears in 2 contracts
Samples: Hl&p Capital Trust Iv, Hl&p Capital Trust I
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, EXHIBIT D property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Trust Agreement (Hanmi Financial Corp), Trust Agreement (Hanmi Financial Corp)
Subrogation to Rights of Holders of Senior Debt. Subject to From and after the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably together with the holders of all any other indebtedness of the Company that which is subordinate in right of payment to the payment in full of all Senior Debt, which is not subordinate in right of payment to the Securities and which by its express terms is subordinated to Senior Debt grants such right of the Company to substantially the same extent as the Securities are subordinated subrogation to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtholder thereof) shall be subrogated to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and assets or securities of the Company applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For , and, for the purposes of such subrogation, no such payments or distributions to the holders of the Senior Debt of any cashassets or securities, property which otherwise would have been payable or securities distributable to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the TrusteeSecurities, shall, as among between the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Debt, on the other hand, and nothing contained in this Article is intended to or shall impair as between the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Securities the principal of, premium, if any, sinking funds and interest, if any, on the Securities as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein prevent the Trustee or the Holder of a Security of any series from exercising all remedies otherwise permitted by applicable law upon default hereunder with respect to the Securities of such series subject to the rights of the holders of Senior Debt, under Section 1402, to receive cash, property or securities of the Company otherwise payable or deliverable to the Trustee or the Holders of the Securities or to a representative of such Holders, on their behalf.
Appears in 2 contracts
Samples: Indenture (Anthem, Inc.), Indenture (Wellpoint, Inc)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Indenture (Seacoast Financial Services Corp), Seacoast Financial Services Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Corporation which by its express terms is subordinated to Senior Debt of the Company Corporation to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyCorporation, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company Corporation to or on account of the Senior Debt.
Appears in 2 contracts
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Debt Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuer which by its express terms is subordinated to Senior Debt of the Company Issuer to substantially the same extent as the Debt Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Debt Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Debt Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Debt Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Debt, and the Holders of the Debt Securities, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Indenture (Financial Security Assurance Holdings LTD/Ny/), Financial Security Assurance Holdings LTD/Ny/
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtDebt of the Corporation or the Guarantor, as the case may be, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt of the Corporation or the Guarantor, as the case may be, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company Corporation or the Guarantor, as the case may be, that by its express terms is subordinated to Senior Debt of the Company Corporation or the Guarantor, as the case may be, to substantially the same extent as the Securities and the Guarantees, respectively, are subordinated to the Senior Debt of the Corporation or the Guarantor, as the case may be, and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt of the Corporation or the Guarantor, as the case may be, until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities or the Guarantees, respectively, shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Corporation or the Guarantor, as the case may be, of any cash, property or securities to which the Holders of Securities or the Securities Guarantees, as the case may be, or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Corporation or the Guarantor, as the case may be, by Holders of the Securities Securities, or the Trustee, shall, as among the CompanyCorporation or the Guarantor, as the case may be, its creditors other than holders of its Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company Corporation or the Guarantor, as the case may be, to or on account of the its Senior Debt.
Appears in 2 contracts
Samples: Popular North America Capital Trust Iii, Popular North America Capital Trust I
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full in cash of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities Notes shall be paid in fullfull in cash or cash equivalents. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities Notes or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article Fourteen shall have been applied, pursuant to the provisions of this Article Fourteen, to the payment of all amounts payable under the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash or cash equivalents.
Appears in 2 contracts
Samples: Indenture (Foster Wheeler LTD), Freedom Chemical Co
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt 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 such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior DebtX) to the rights of the holders of such Senior Debt to receive payments and or distributions of cashassets of the Company or the Subsidiary Guarantors, property and securities as the case may be, applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) all amounts owing on the Securities of such series and any related Guarantees shall be paid in full. For purposes the purpose of such subrogation, no such payments or distributions to the holders of the such Senior Debt by the Company or the Subsidiary Guarantors, as the case may be, or by or on behalf of the Holders of the Securities of such series and any cashrelated Guarantees by virtue of this Article X, property which otherwise would have been made to such Holders shall, as between the Company or securities the Subsidiary Guarantors, as the case may be, and such Holders, be deemed to be payment by the Company or the Subsidiary Guarantors, as the case may be, or on account of 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 a series and any related Guarantees, on the one hand, and the holders of such Senior Debt, on the other hand. If any payment or distribution to which the Holders of the Securities or the Trustee and any related Guarantees would be otherwise have been entitled except but for the provisions of this Article XIIX shall have been applied, and no payments made pursuant to the provisions of this Article XII X, to the payment of amounts payable under Senior Debt, then such Holders shall be entitled to receive from the holders of such Senior Debt any payments or distributions received by such holders of Senior Debt by Holders in excess of the Securities amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Company, its creditors other than holders in respect of such Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior DebtDebt in full.
Appears in 2 contracts
Samples: Indenture (LGI Homes-Florida, LLC), Indenture (LGI Homes-Windmill Farms, LLC)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or Debt of the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to Company and the holders of Senior DebtGuarantor as provided herein, the Holders of the Securities of any series shall be subrogated (to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior DebtXI) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and securities assets of the Company or the Guarantor applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) all amounts owing on the Securities of such series shall be paid in full. For purposes the purpose of such subrogation, no such payments or distributions to the holders of the such Senior Debt by the Company or the Guarantor, or by or on behalf of the Holders of the Securities of such series by virtue of this Article XI, which otherwise would have been made to such Holders shall, as between the Company and such Holders, be deemed to be payment by the Company or the Guarantor or on account of such Senior Debt, it being understood that the provisions of this Article XI are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of a series, on the one hand, and the holders of such Senior Debt, on the other hand. If any cash, property payment or securities distribution to which the Holders of the Securities or the Trustee would be otherwise have been entitled except but for the provisions of this Article XIIXI shall have been applied, and no payments made pursuant to the provisions of this Article XII XI, to the payment of amounts payable under Senior Debt of the Company or the Guarantor, then such Holders shall be entitled to receive from the holders of such Senior Debt any payments or distributions received by such holders of Senior Debt by Holders in excess of the Securities amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Company, its creditors other than holders in respect of such Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior DebtDebt in full.
Appears in 2 contracts
Samples: Shell International Finance B.V., Indenture (Shell International Finance B.V.)
Subrogation to Rights of Holders of Senior Debt. Subject to ----------------------------------------------- the payment in full of all amounts due or to become due on all Senior DebtDebt to the extent required under Sections 13.02 and 13.03 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Commonwealth Bankshares Inc, Commonwealth Bankshares Inc
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of all Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium of, premium, if any, and interest (including any Additional Interest) on the Securities Notes shall be paid in fullfull in cash or cash equivalents. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities Notes or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article Fourteen shall have been applied, pursuant to the provisions of this Article Fourteen, to the payment of all amounts payable under the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash or cash equivalents.
Appears in 2 contracts
Samples: Indenture (Leiner Health Products Inc), Indenture (Leiner Health Products Inc)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Guarantor and the Company that by its express terms is subordinated to Senior Debt of the Company Guarantor or the Company, as the case may be, to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Guarantor, the Company, its their respective creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company Guarantor or the Company, as the case may be, to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Junior Subordinated Indenture (Thornburg Mortgage Inc), Junior Subordinated Indenture (Thornburg Mortgage Inc)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company Company, that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company Company, to or on account of the Senior Debt.
Appears in 2 contracts
Samples: Indenture (Anthracite Capital Inc), Indenture (Anthracite Capital Inc)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all or in respect of Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Designated Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated subordi nated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and premium, if any) and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the TrusteeSecurities, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.. If any payment or distribution to which the Holder of any Security would otherwise have been entitled but for the provisions of this Article shall have been applied, pursuant to the provisions of this Article, to the payment of all amounts payable under the Senior Debt, then and in such case, the Holder of any Security shall be entitled to receive from
Appears in 2 contracts
Samples: Iridium LLC, Iridium World Communications LTD
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all or in respect of Senior DebtDebt of the Company or Guarantor Senior Debt of a Guarantor, as the case may be, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior such Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities Notes or the obligation under such Guarantor's Senior Subordinated Guarantee, as the case may be, shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Company or Guarantor Senior Debt of a Guarantor, as the case may be, of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt or Guarantor Senior Debt by Holders of the Securities Notes or the Trustee, shall, as among the CompanyCompany or such Guarantor, as the case may be, its creditors other than holders of Senior Debt or Guarantor Senior Debt, as the case may be, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company or such Guarantor, as the case may be, to or on account of the Senior DebtDebt of the Company or Guarantor Senior Debt of such Guarantor, as the case may be.
Appears in 2 contracts
Samples: Indenture (Hollywood Theaters Inc), R H Donnelley Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.. EXHIBIT D
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors dreditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Kingsway Financial Services Inc
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and of, premium, if any premium and interest (including any Additional Interest) on on, or Liquidated Damages with respect to, the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XII10, and no payments made over pursuant to the provisions of this Article XII 10 to the holders of Senior Debt by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 10 shall have been applied, pursuant to the provisions of this Article 10, to the payment of all amounts payable under the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash.
Appears in 1 contract
Samples: Indenture (Cole National Corp /De/)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, [TPW: NYLEGAL:665375.4] 20965-00009 07/19/2007 07:27 PM Exhibit D property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like like• rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: New York Mortgage Trust Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or Guarantor Senior Debt to become due on all Senior Debtthe extent required under Sections 15.02 and 15.03 of this Indenture, or the provision for of such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Guarantor Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Guarantor Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Indebtedness of the Company that Guarantor which by its express terms is subordinated to Guarantor Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Guarantor Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Guarantor Senior Debt) to the rights of the holders of such Guarantor Senior Debt to receive payments and distributions of cash, property and securities applicable to the Guarantor Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities Guaranteed Obligations shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Guarantor Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made payment over pursuant to the provisions of this Article XII to the holders of Guarantor Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyGuarantor, its creditors other than holders of Guarantor Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company Guarantor to or on account of the Guarantor Senior Debt.
Appears in 1 contract
Samples: Kingsway Financial Services Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtDebt of the Corporation or the Guarantor, as the case may be, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt of the Corporation or the Guarantor, as the case may be, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company Corporation or the Guarantor, as the case may be, that by its express terms is subordinated to Senior Debt of the Company Corporation or the Guarantor, as the case may be, to substantially the same extent as the Securities and the Guarantees, respectively, are subordinated to the Senior Debt of the Corporation or the Guarantor, as the case may be, and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt of the Corporation or the Guarantor, as the case may be, until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities or the Guarantees, respectively, shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Corporation or the Guarantor, as the case may be, of any cash, property or securities to which the Holders of the Securities or the Guarantees, as the case may be, or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Corporation or the Guarantor, as the case may be, by Holders of the Securities Securities, or the Trustee, shall, as among the CompanyCorporation or the Guarantor, as the case may be, its creditors other than holders of its Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company Corporation or the Guarantor, as the case may be, to or on account of the its Senior Debt.
Appears in 1 contract
Samples: Indenture (Banponce Corp)
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property Property and securities applicable to the Senior Debt until the principal of and of, premium, if any premium and interest (including any Additional Interest) on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property Property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XII11, and no payments made over pursuant to the provisions of this Article XII 11 to the holders of Senior Debt by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than 107 116 holders of Senior Debt, Debt and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of all amounts payable under the Senior DebtDebt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash or Cash Equivalents.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtDebt to the extent required under Sections 14.02 and 14.03 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to 113 113 receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Securities Indenture (National City Capital Trust I)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt of the Corporation or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt of the Corporation as the case may be, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII XIII (equally and ratably with the holders of all indebtedness of the Company Corporation that by its express terms is subordinated to Senior Debt of the Company Corporation to substantially the same extent as the Securities are subordinated to the Senior Debt of the Corporation and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt of the Corporation until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Corporation of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIXIII, and no payments made over pursuant to the provisions of this Article XII XIII to the holders of Senior Debt of the Corporation by Holders of the Securities or the Trustee, shall, as among the CompanyCorporation, its creditors other than holders of its Senior Debt, Debt and the Holders of the Securities, Securities be deemed to be a payment or distribution by the Company Corporation to or on account of the its Senior Debt.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtDebt to the extent required under Sections 14.02 and 14.03 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Central Fidelity Capital Trust I
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the rights of the Holders of the Securities of any series (or any Coupons appertaining thereto) shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII 15 (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities of such series (or any Coupons appertaining thereto) are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities of such series (or any Coupons appertaining thereto) shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities of any series (or any Coupons appertaining thereto) or the Trustee would be entitled except for the provisions of this Article XII15, and no payments made over pursuant to the provisions of this Article XII 15 to or for the benefit of the holders of Senior Debt by Holders of the Securities of such series (or any Coupons appertaining thereto) or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the SecuritiesSecurities of such series (or any Coupons appertaining thereto), be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Polaroid Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and or securities of the Company applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For ; and, for the purposes of such subrogation, no payments payment or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIFourteen, and no payments made payment over pursuant to the provisions of this Article XII Fourteen, to or for the benefit of the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. It is understood that the provisions of this Article Fourteen are and are intended solely for the purposes of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Debt on the other hand. Nothing contained in this Article Fourteen or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the Senior Securities, nor shall anything herein or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article Fourteen of the holders of Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article Fourteen, the Trustee, subject to the provision of Article Six, and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities, for the purposes of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Fourteen.
Appears in 1 contract
Samples: Ugly Duckling Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, [TPW: NYLEGAL:622313.5] 20889-00007 02/26/2007 01:27 PM property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Bluegreen Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all or in respect of Senior DebtDebt of a Guarantor, or the provision for such payment payment, in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt of such Guarantor, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Debt of the Company that such Guarantor, if any, which by its express terms is subordinated to Senior Debt of the Company such Guarantor to substantially the same extent as the Securities Notes are subordinated to the Senior Debt of such Guarantor and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt of such Guarantor to receive payments and distributions of cash, property and securities applicable to the Senior Debt of such Guarantor until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of a Guarantor of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XIIXIII, and no payments made over pursuant to the provisions of this Article XII XIII to the holders of Senior Debt of a Guarantor by Holders of the Securities Notes or the Trustee, shall, as among the Companysuch Guarantor, its creditors other than holders of its Senior Debt, Debt and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company such Guarantor to or on account of the Senior DebtDebt of such Guarantor.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and of, premium, if any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII10, and no payments made over pursuant to the provisions of this Article XII 10 to the holders of Senior Debt by Holders of the Securities or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 10 shall have been applied, pursuant to the provisions of this Article 10, to the payment of all amounts payable under the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash or Cash Equivalents.
Appears in 1 contract
Samples: Capstar Broadcasting Partners Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.. 79 71
Appears in 1 contract
Samples: Mbna Capital C
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of the Senior Debt, the Holders of the Securities Debentures shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities Debentures are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities Debentures shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities Debentures or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities Debentures or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Indenture (Vib Corp)
Subrogation to Rights of Holders of Senior Debt. Subject to At all times after which the payment in full of Company has fully paid all amounts due or to become due on all or in respect of Senior Debt, Debt (or the has made provision for such payment in cash or cash equivalents or otherwise payment) in a manner satisfactory to the holders of Senior Debt, but before the Debt Securities are paid in full, the Holders of the Debt Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Indebtedness of the Company that which by its express terms is subordinated to Senior Debt other Indebtedness of the Company to substantially the same extent as the Debt Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in fullDebt. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Debt Securities or the Trustee would otherwise be entitled except for the provisions of this Article XIIArticle, and no payments made or distributions pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Debt Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Debt Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to 5093320 04310929 the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Bimini Capital Management, Inc.
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of the Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII 11 (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII11, and no payments made over pursuant to the provisions of this Article XII 11 to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Indenture (Amerus Group Co/Ia)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full in cash of all amounts due or to become due on all or in respect of Senior DebtDebt of the Company or a Guarantor, as the case may be, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of such Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the such Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities or the obligation under such Guarantor's Senior Subordinated Guarantee, as the case may be, shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Company or a Guarantor of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Company or such Guarantor, as the case may be, by Holders of the Securities or the Trustee, shall, as among the CompanyCompany or such Guarantor, as the case may be, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company or such Guarantor, as applicable, to or on account of the Senior DebtDebt of the Company or such Guarantor, as the case may be.
Appears in 1 contract
Samples: Allied Waste Industries Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt of the Corporation or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt of the Corporation as the case may be, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company Corporation that by its express terms is subordinated to Senior Debt of the Company Corporation to substantially the same extent as the Securities are subordinated to the Senior Debt of the Corporation and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and 172 distributions of cash, property and securities applicable to the Senior Debt of the Corporation until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Corporation of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Corporation by Holders of the Securities or the Trustee, shall, as among the CompanyCorporation, its creditors other than holders of its Senior Debt, Debt and the Holders of the Securities, Securities be deemed to be a payment or distribution by the Company Corporation to or on account of the its Senior Debt.
Appears in 1 contract
Samples: South Carolina Electric & Gas Co
Subrogation to Rights of Holders of Senior Debt. Subject to ------------- ----------------------------------------------- the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII XIII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII XIII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Chittenden Capital Trust I
Subrogation to Rights of Holders of Senior Debt. Subject to the payment unconditional discharge in full of all amounts due or to become due on all the Senior Debt, or Debt of a Guarantor and the provision for Guarantors having no further obligations under such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Debt of the Company that such Guarantor which by its express terms is pari passu and subordinated to Senior Debt of the Company such Guarantor to substantially the same extent as the Securities are such Guarantee is subordinated to the Senior Debt and which is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt of such Guarantor to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities amounts due under such Guarantee shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of such Guarantor of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIEleven, and no payments made pursuant to the provisions of this Article XII Eleven to the holders of Senior Debt of such Guarantor by Holders of the Securities or the Trustee, shall, as among the CompanyGuarantor, its creditors (other than the holders of Senior Debt, Debt of such Guarantor and the Holders of the SecuritiesHolders), be deemed to be a payment or distribution by the Company such Guarantor to or on account of the holders of Senior DebtDebt of such Guarantor.
Appears in 1 contract
Samples: Digicel Group LTD
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and of, any premium and interest (including any Additional Interest) on and any Additional Amounts with respect to the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: MRM Capital Trust Iii
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII hereof (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIthese subordination provisions, and no payments made pursuant to the these subordination provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the TrusteeSecurities, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or Senior Debt to become due on all Senior Debtthe extent required under Sections 14.02 and 14.03 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to 102 95 the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Indenture (Bancorpsouth Inc)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of Exhibit D such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or Debt of the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtCompany as provided herein, the Holders of the Securities of any series shall be subrogated (to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior DebtX) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and securities assets of the Company applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) all amounts owing on the Securities of such series shall be paid in full. For purposes the purpose of such subrogation, no such payments or distributions to the holders of the such Senior Debt by the Company , or by or on behalf of the Holders of the Securities of such series by virtue of this Article X, which otherwise would have been made to such Holders shall, as between the Company and such Holders, be deemed to be payment by the Company or on account of 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 a series, on the one hand, and the holders of such Senior Debt, on the other hand. If any cash, property payment or securities distribution to which the Holders of the Securities or the Trustee would be otherwise have been entitled except but for the provisions of this Article XIIX shall have been applied, and no payments made pursuant to the provisions of this Article XII X, to the payment of amounts payable under Senior Debt of the Company , then such Holders shall be entitled to receive from the holders of such Senior Debt any payments or distributions received by such holders of Senior Debt by Holders in excess of the Securities amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Company, its creditors other than holders in respect of such Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior DebtDebt in full.
Appears in 1 contract
Samples: Shell International Finance B.V.
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders rights of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIITwelve, and no payments made over pursuant to the provisions of this Article XII Twelve to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.. Neither the Holders of the Securities nor the Trustee shall have any claim against the holders of the Senior Debt or the Credit Facility Agent for any impairment of the subrogation rights herein granted arising out of any release of Liens securing the Senior Debt..
Appears in 1 contract
Samples: Indenture (CCC Capital Trust Ii)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions 77 of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Flagstone Reinsurance Holdings LTD
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Debt of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Lincoln National Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, [TPW: NYLEGAL:665375.4] 20965-00009 07/19/2007 07:27 PM property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Independent Bank Corp /Mi/
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. The provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Debt on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as among the Company, its creditors other than holders of Senior Debt and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this Article of the holders of Senior Debt, is intended to rank equally with all other general obligations of the Company), to pay to the Holders of the Securities the principal of and any premium and interest on the Securities as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the Securities and creditors of the Company other than the holders of Senior Debt; or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Debt to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness Indebtedness of the Company that or any Guarantor which by its express terms is subordinated to Senior Debt of the Company or such Guarantor to substantially the same extent as the Securities Notes or the Note Guarantees are subordinated to the Senior Debt and which is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium and Liquidated Damages, if any) and interest (including any Additional Interest) on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its the Guarantors, their respective creditors other than holders of Senior Debt, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company or any Guarantor to or on account of the Senior Debt.
Appears in 1 contract
Samples: Indenture (Wright Bilt Corp)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt of the Corporation or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt of the Corporation as the case may be, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company Corporation that by its express terms is subordinated to Senior Debt of the Company Corporation to substantially the same extent as the Securities are subordinated to the Senior Debt of the Corporation and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt of the Corporation until the principal of (and any premium 194 premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Corporation of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Corporation by Holders of the Securities or the Trustee, shall, as among the CompanyCorporation, its creditors other than holders of its Senior Debt, Debt and the Holders of the Securities, Securities be deemed to be a payment or distribution by the Company Corporation to or on account of the its Senior Debt.
Appears in 1 contract
Samples: Sce&g Trust I
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or Senior Debt to become due on all Senior Debtthe extent required under Sections 14.02 and 14.03 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to 115 106 the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or Debt of the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtCompany as provided herein, the Holders of the Securities of any series and any related Guarantee shall be subrogated (to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior DebtX) to the rights of the holders of such Senior Debt to receive payments and or distributions of cashassets of the Company or the Subsidiary Guarantor, property and securities as the case may be, applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) all amounts owing on the Securities and any related Guarantee of such series shall be paid in full. For purposes the purpose of such subrogation, no such payments or distributions to the holders of the such Senior Debt by the Company or the Subsidiary Guarantor, as the case may be, or by or on behalf of the Holders of the Securities and any cashrelated Guarantee of such series by virtue of this Article X, property which otherwise would have been made to such Holders shall, as between the Company or securities the Subsidiary Guarantor, as the case may be, 50 and such Holders, be deemed to be payment by the Company or the Subsidiary Guarantor, as the case may be, or on account of 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 and any related Guarantee of a series, on the one hand, and the holders of such Senior Debt, on the other hand. If any payment or distribution to which the Holders of the Securities or the Trustee and any related Guarantee would be otherwise have been entitled except but for the provisions of this Article XIIX shall have been applied, and no payments made pursuant to the provisions of this Article XII X, to the payment of amounts payable under Senior Debt, then such Holders shall be entitled to receive from the holders of such Senior Debt any payments or distributions received by such holders of Senior Debt by Holders in excess of the Securities amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Company, its creditors other than holders in respect of such Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior DebtDebt in full.
Appears in 1 contract
Samples: Carrizo Oil & Gas Inc
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt of the Corporation or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtDebt of the Corporation as the case may be, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company Corporation that by its express terms is subordinated to Senior Debt of the Company Corporation to substantially the same extent as the Securities are subordinated to the Senior Debt of the Corporation and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt of the Corporation until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Corporation of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Corporation by Holders of the Securities or the Trustee, shall, as among the CompanyCorporation, its creditors other than holders of its Senior Debt, Debt and the Holders of the Securities, Securities be deemed to be a payment or distribution by the Company Corporation to or on account of the its Senior Debt.
Appears in 1 contract
Samples: Scana Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior DebtDebt of the Company as provided herein, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders rights of Senior Debt, the Holders of the Securities of any series and the rights of the Trustee to the extent of amounts owed to it under Section 7.07 shall be subrogated (to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior DebtX) to the rights of the holders of such Senior Debt to receive payments and or distributions of cash, property and or securities of the Company applicable to the Senior Debt until the principal of and any premium of, premium, if any, and interest (including any Additional Interest) on the Securities of such series shall be paid in full. For purposes the purpose of such subrogation, no such payments or distributions to the holders of the such Senior Debt by the Company of any cash, property or securities to which the Holders of the such Securities or the Trustee on their behalf would be entitled except for the provisions of this Article XII, X and no payments made payment over pursuant to the provisions of this Article XII X to the holders of Senior Debt by Holders of the such Securities or the Trustee, Trustee on their behalf shall, as among between the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securitiessuch Holders, be deemed to be a payment or distribution by the Company to or on account of the such Senior Debt. It is 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 a series, on the one hand, and the holders of such Senior Debt, on the other hand. If any payment or distribution to which the Holders of the Securities 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 such Holders shall be entitled to receive from the holders of such Senior Debt any payments or distributions received by such holders of Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full.
Appears in 1 contract
Samples: Phillips 66 Co
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or Debt of the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior DebtIssuer, the Holders of the Securities and coupons, if any, appertaining thereto shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuer which by its express terms is subordinated to Senior Debt of the Company Issuer to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt of the Issuer to receive payments and distributions of cash, property and securities applicable to the Senior Debt of the Issuer until the principal of (and any premium premium, if any, on) and interest (including any Additional Interest) on the Securities and coupons, if any, appertaining thereto shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of the Issuer of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt of the Issuer by Holders of the Securities and coupons or the Trustee, shall, as among the CompanyIssuer, its it creditors other than holders of Senior Debt, Debt of the Issuer and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior DebtDebt of the Issuer.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of the Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII 11 (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any), the cash portion of the Conversion Obligation (if any), and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII11, and no payments made over pursuant to the provisions of this Article XII 11 to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Indenture (Amerus Group Co/Ia)
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium of, premium, if any, and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII10, and no payments made pursuant to the provisions of this Article XII 10 to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 10 shall have been applied, pursuant to the provisions of this Article 10, to the payment of all amounts payable under the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to indefeasibly pay all amounts payable under or in respect of such Senior Debt in full in cash.
Appears in 1 contract
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt indebtedness of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium of, premium, if any, and interest (including any Additional Interest) on the Securities Senior Debt shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Capstone Capital Corp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.
Appears in 1 contract
Samples: Indenture (Anthracite Capital Inc)
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of and any premium and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XII, and no payments made pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. Provisions Solely to Define Relative Rights. The provisions of this Article XII are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Debt on the other hand. Nothing contained in this Article XII or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as between the Company and the Holders of the Securities, the obligations of the Company, which are absolute and unconditional, to pay to the Holders of the Securities the principal of and any premium and interest (including any Additional Interest) on the Securities as and when the same shall become due and payable in accordance with their terms, (b) affect the relative rights against the Company of the Holders of the Securities and creditors of the Company other than their rights in relation to the holders of Senior Debt or (c) prevent the Trustee or the Holder of any Security (or to the extent expressly provided herein, the holder of any Preferred Security) from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, including filing and voting claims in any Proceeding, subject to the rights, if any, under this Article XII of the holders of Senior Debt to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder.
Appears in 1 contract
Samples: Greater Community Bancorp
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or to become due on all Senior Debt, Debt or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that Issuer which by its express terms is subordinated to Senior Debt the indebtedness of the Company Issuer, to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debtsubrogation) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Debt, Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Debt.
Appears in 1 contract
Samples: Amarin Finance Ltd.
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all amounts due or Senior Debt to become due on all Senior Debtthe extent required under Sections 13.2 and 13.3 of this Indenture, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and any premium premium, if any) and interest (including any Additional Interest) on the Securities shall be paid in full. For purposes of such subrogationsubrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XIIArticle, and no payments made over pursuant to the provisions of this Article XII to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, 54 61 its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. SECTION 13.7.
Appears in 1 contract
Samples: Republic New York Capital Iv
Subrogation to Rights of Holders of Senior Debt. Subject to Upon the payment in full of all amounts due or to become due on all Senior Debt, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property Property and securities applicable to the Senior Debt until the principal of and or Accreted Value of, as the case may be, premium, if any premium and interest (including any Additional Interest) on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property Property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this Article XII11, and no payments made over pursuant to the provisions of this Article XII 11 to the holders of Senior Debt by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt, Debt and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of all amounts payable under the Senior DebtDebt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash or Cash Equivalents.
Appears in 1 contract
