Common use of Holders to be Subrogated to Rights of Group Guarantor Senior Indebtedness Clause in Contracts

Holders to be Subrogated to Rights of Group Guarantor Senior Indebtedness. Subject to the payment in full in cash or cash equivalents of all Group Guarantor Senior Indebtedness (or provision made for its payment), the Holders shall be subrogated to the rights of the holders of such Group Guarantor Senior Indebtedness to receive payments or distributions of assets of the Group Guarantor applicable to the Group Guarantor Senior Indebtedness until all amounts owing on the Securities shall be paid in full, in cash or cash equivalents, and for the purpose of such subrogation no such payments or distributions to the holders of Group Guarantor Senior Indebtedness by or on behalf of the Group Guarantor, or by or on behalf of the Holders by virtue of this Article Twelve, which otherwise would have been made to the Holders shall, as between the Group Guarantor and the Holders, be deemed to be payment by the Group Guarantor to or on account of the Group Guarantor Senior Indebtedness, it being understood that the provisions of this Article Twelve are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Group Guarantor Senior Indebtedness, on the other hand. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article Twelve shall have been applied, pursuant to the provisions of this Article Twelve, to the payment of amounts payable under Group Guarantor Senior Indebtedness, then the Holders shall be entitled to receive from the holders of such Group Guarantor Senior Indebtedness any payments or distributions received by such holders of Group Guarantor Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of the Group Guarantor Senior Indebtedness in full in cash or cash equivalents.