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 or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the Noteholders 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 (equally and ratably with the holders of indebtedness of the Issuer which by its express terms is subordinated to the indebtedness of the Issuer to substantially the same extent as the Subordinated Notes are subordinated to the Senior Debt and is entitled to like rights of subrogation) 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 interest on the Subordinated 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 Noteholders or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders of Senior Debt by Noteholders or the Trustee, shall, as among the Issuer, its creditors other than holders of Senior Debt and the Noteholders, be deemed to be a payment or distribution by the Issuer 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 or 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 Noteholders Holders of the Securities shall be subrogated (to the extent of the payments or distributions made to the holders of such that Senior Debt pursuant to the provisions of this Article (equally and ratably with the holders of indebtedness of the Issuer which by its express terms is subordinated to the indebtedness of the Issuer to substantially the same extent as the Subordinated Notes are subordinated to the Senior Debt and is entitled to like rights of subrogationX) to the rights of the holders of such that Senior Debt to receive payments and or distributions of cash, property and securities assets of the Company applicable to the that Senior Debt until the principal of and interest all amounts owing on the Subordinated Notes Securities shall be paid in full. For purposes the purpose of such that subrogation, no such payments or distributions to the holders of that Senior Debt by the Company, or by or on behalf of the Holders of the Securities by virtue of this Article X, which otherwise would have been made to those Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the Company and those Holders, be deemed to be payment by the Company or on account of that Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of that Senior Debt, on the other hand. If any cash, property payment or securities distribution to which the Noteholders or Holders of the Trustee Securities would be otherwise have been entitled except but for the provisions of this ArticleArticle X shall have been applied, and no payments over pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt of the Company, then those Holders shall be entitled to receive from the holders of that Senior Debt any payments or distributions received by those holders of Senior Debt by Noteholders of the Company in excess of the amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Issuer, its creditors other than holders in respect of that Senior Debt and the Noteholders, be deemed to be a payment or distribution by the Issuer to or on account of the Senior Debtin full.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt or 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 Noteholders 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 that Senior Debt pursuant to the provisions of this Article (equally and ratably with the holders of indebtedness of the Issuer which by its express terms is subordinated to the indebtedness of the Issuer to substantially the same extent as the Subordinated Notes are subordinated to the Senior Debt and is entitled to like rights of subrogationX) to the rights of the holders of such that Senior Debt to receive payments and or distributions of cashassets of the Company or the Guarantors, property and securities as the case may be, applicable to the that Senior Debt until the principal of and interest all amounts owing on the Subordinated Notes Securities shall be paid in full. For purposes the purpose of such that subrogation, no such payments or distributions to the holders of that Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series and any related Guarantees by virtue of this Article X, which otherwise would have been made to those Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the Company and those Holders, be deemed to be payment by the Company or the Guarantors, as the case may be, or on account of that Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of any cashseries and any related Guarantees, property on the one hand, and the holders of that Senior Debt, on the other hand. If any payment or securities distribution to which the Noteholders or Holders of the Trustee Securities and any related Guarantees would be otherwise have been entitled except but for the provisions of this ArticleArticle X shall have been applied, and no payments over pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt of the Company, then those Holders shall be entitled to receive from the holders of that Senior Debt any payments or distributions received by those holders of Senior Debt by Noteholders of the Company in excess of the amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Issuer, its creditors other than holders in respect of that Senior Debt and the Noteholders, be deemed to be a payment or distribution by the Issuer to or on account of the Senior Debtin full.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt or of the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to Company as provided herein, the holders of Senior Debt, the Noteholders 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 (equally and ratably with the holders of indebtedness of the Issuer which by its express terms is subordinated to the indebtedness of the Issuer to substantially the same extent as the Subordinated Notes are subordinated to the Senior Debt and is entitled to like rights of subrogationArticle) 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 interest all amounts owing on the Subordinated Notes Debentures 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 Debentures by virtue of this Article XIV, 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 XIV are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, 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 Noteholders or holders of the Trustee Debentures would be otherwise have been entitled except but for the provisions of this ArticleArticle XIV shall have been applied, and no payments over pursuant to the provisions of this Article XIV, 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 Noteholders in excess of the amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Issuer, its creditors other than holders in respect of such Senior Debt and the Noteholders, be deemed to be a payment or distribution by the Issuer to or on account of the Senior Debtin full.

Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt or 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 Noteholders 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 that Senior Debt pursuant to the provisions of this Article (equally and ratably with the holders of indebtedness of the Issuer which by its express terms is subordinated to the indebtedness of the Issuer to substantially the same extent as the Subordinated Notes are subordinated to the Senior Debt and is entitled to like rights of subrogationX) to the rights of the holders of such that Senior Debt to receive payments and or distributions of cashassets of the Company or any Guarantors, property and securities as the case may be, applicable to the that Senior Debt until the principal of and interest all amounts owing on the Subordinated Notes Securities shall be paid in full. For purposes the purpose of such that subrogation, no such payments or distributions to the holders of that Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series and any related Guarantees by virtue of this Article X, which otherwise would have been made to those Holders shall, as among the Company, its creditors other than the holders of Senior Debt of the Company and those Holders, be deemed to be payment by the Company or any cashGuarantors, property as the case may be, or securities on account of that Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of any series and any related Guarantees, on the one hand, and the holders of that Senior Debt, on the other hand. If any payment or distribution to which the Noteholders or Holders of the Trustee Securities and any related Guarantees would be otherwise have been entitled except but for the provisions of this ArticleArticle X shall have been applied, and no payments over pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt of the Company, then those Holders shall be entitled to receive from the holders of that Senior Debt any payments or distributions received by those holders of Senior Debt by Noteholders of the Company in excess of the amount sufficient to pay all amounts payable under or the Trustee, shall, as among the Issuer, its creditors other than holders in respect of that Senior Debt and the Noteholders, be deemed to be a payment or distribution by the Issuer to or on account of the Senior Debtin full.