Common use of Holders To Be Subrogated to Rights of Holders of Senior Debt Clause in Contracts

Holders To Be Subrogated to Rights of Holders of Senior Debt. Subject to the payment in full in cash or Cash Equivalents of all Senior Debt, Holders shall be subrogated to the rights of the holders of Senior Debt to receive payments or distributions of assets of the Company applicable to the Senior Debt until all amounts owing on the Securities shall be paid in full in cash, and for the purpose of such subrogation no payments or distributions to the holders of Senior Debt by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article Four, which otherwise would have been made to the Holders, shall, as between the Company and the Holders, be deemed to be payment by the Company to or on account of the Senior Debt, it being understood that the provisions of this Article Four are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Debt, 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 Four shall have been applied, pursuant to the provisions of this Article Four, to the payment of all amounts payable under the Senior Debt, then the 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 the Senior Debt in full in cash or Cash Equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Debt. Subject to the payment in full in cash or Cash Equivalents of all Senior Debt, Holders shall be subrogated to the rights of the holders of Senior Debt to receive payments or distributions of assets of the Company or any Subsidiary Guarantor applicable to the Senior Debt until all amounts owing on the Securities shall be paid in full in cash, and for the purpose of such subrogation no payments or distributions to the holders of Senior Debt by or on behalf of the CompanyCompany or any Subsidiary Guarantor, or by or on behalf of the Holders by virtue of this Article FourIV, which otherwise would have been made to the Holders, shall, as between the Company or any Subsidiary Guarantor and the Holders, be deemed to be payment by the Company or any Subsidiary Guarantor to or on account of the Senior Debt, it being understood that the provisions of this Article Four IV are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Debt, 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 Four IV shall have been applied, pursuant to the provisions of this Article FourIV, to the payment of all amounts payable under the Senior Debt, then the 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 the Senior Debt in full in cash or Cash Equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Debt. Subject to the prior cash payment in full in cash or Cash Equivalents of all Senior Debt, the Holders shall be subrogated to the rights of the holders of Senior Debt to receive payments or distributions of assets assets, cash, property or securities of the Company applicable to the Senior Debt until all amounts owing on the principal of and interest on the Securities and any other Subordinated Obligations shall be paid in full in cashfull; and, and for the purpose purposes of such subrogation subrogation, (a) no such 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 on their behalf would be entitled except for the provisions of this Article XV, and no payment over pursuant to the provisions of this Article XV to the holders of Senior Debt by or on behalf Holders of the Company, Securities or by or the Trustee on their behalf of the Holders by virtue of this Article Four, which otherwise would have been made to the Holders, shall, as between the Company Company, its creditors other than holders of Senior Debt, and the HoldersHolders of the Securities, be deemed to be a payment by the Company to or on account of the Senior Debt, it being and (b) no payment or distributions of cash, property or securities to or for the benefit of the Holders of the Securities pursuant to the subrogation provision of this Article XV which would otherwise have been paid to the holders of Senior Debt shall be deemed to be a payment by the Company to or for the account of the Securities. It is understood that the provisions of this Article Four are and XV are intended solely for the purpose of defining the relative rights of the HoldersHolders of the Securities, on the one hand, and the holders of the Senior Debt, 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 Four shall have been applied, pursuant to the provisions of this Article Four, to the payment of all amounts payable under the Senior Debt, then the 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 the Senior Debt in full in cash or Cash Equivalents.