Common use of After all Senior Clause in Contracts

After all Senior. Debt is indefeasibly paid in full and until the Securities are paid in full, holders of Securities shall be subrogated (equally and ratably with all other Indebtedness pari passu with the Securities) to the rights of holders of Senior Debt to receive distributions applicable to Senior Debt to the extent that distributions otherwise payable to the holders of Securities have been applied to the payment of Senior Debt. A distribution made under this Article 9 to holders of Senior Debt that otherwise would have been made to holders of Securities is not, as between the Company, its creditors other than holders of Senior Debt and holders of Securities, a payment by the Company on the Securities.