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

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt, the holder of this Subordinated Note shall be subrogated 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 Subordinated Note Obligations shall be paid in full. For purposes of such subrogation or assignment, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the holder of the Subordinated Note would be entitled except for the provisions of this Article II, and no payment over pursuant to the provisions of this Article II to the holders of Senior Debt by the holder of this Subordinated Note shall, as among Kingsway America, its creditors other than holders of Senior Debt, and the holder of this Subordinated Note, be deemed to be a payment or distribution by Kingsway America to or on account of the Senior Debt.

Subrogation to Rights of Holders of Senior Debt. Subject to ----------------------------------------------- the payment in full in cash of all Senior Debt, the holder of this Subordinated Note Purchaser and each other Holder shall be subrogated 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 Subordinated Note Obligations principal of and interest on the Notes shall be paid in full. For purposes of such subrogation or assignmentsubrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the holder of the Subordinated Note Purchaser and each other Holder would be entitled except for the provisions of this Article IIArticle, and no payment payments over pursuant to the provisions of this Article II to the holders of Senior Debt by the holder of this Subordinated Note Holders, shall, as among Kingsway Americathe Company, its creditors other than holders of Senior Debt, and the holder of this Subordinated NoteHolders, be deemed to be a payment or distribution by Kingsway America the Company to or on account of the Senior Debt.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full Payment In Full of all Senior Debt, the holder of this Subordinated Note Lenders shall be subrogated to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to of any Borrower made on the Senior Debt until (and only to the extent) the Senior Subordinated Note Obligations Debt shall be paid in fullfull in cash. For purposes of such subrogation or assignmentsubrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the holder of the Subordinated Note Lenders would be entitled except for the provisions of this Article IIIX, and no payment payments over pursuant to the provisions of this Article II IX to the holders of Senior Debt by the holder of this Subordinated Note Lenders shall, as among Kingsway Americabetween the Borrowers, its creditors (other than holders of Senior Debt, Debt and the holder of this Subordinated NoteLenders), be deemed to be a payment or distribution by Kingsway America the Borrowers to or on account of the Senior Debt.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt, the holder Holders of this Subordinated Note the Notes shall be subrogated 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 Subordinated Note Obligations principal of and interest on the Notes shall be paid in full. For purposes of such subrogation or assignmentsubrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the holder of Holders or the Subordinated Note Trustee would be entitled except for the provisions of this Article IITen, and no payment payments over pursuant to the provisions of this Article II Ten to the holders of Senior Debt by Holders or the holder of this Subordinated Note Trustee shall, as among Kingsway Americathe Company, its creditors other than holders of Senior Debt, Debt and the holder of this Subordinated NoteHolders, be deemed to be a payment or distribution by Kingsway America the Company to or on account of the Senior Debt.