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 Temporary Cash Investments of all Senior Debt, the Holders shall be subrogated to the rights of the holders of Senior Debt to receive payments or distributions of cash, Property or securities of the Company or any Guarantor applicable to the Senior Debt until the Obligations owing under the Notes shall be paid in full; and, for the purposes of such subrogation, no such payments or distributions to the holders of the Senior Debt by or on behalf of the Company or any Guarantor, or by or on behalf of the Holders by virtue of this Article Eleven, which otherwise would have been made to the Holders shall, as between the Company and the Guarantors and the Holders, be deemed to be a payment by the Company or the respective Guarantor to or on account of the Senior Debt, it being understood that the provisions of this Article Eleven 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.

Holders To Be Subrogated to Rights of Holders of Senior Debt. Subject to the payment in full in cash or Temporary Cash Investments of all Senior DebtDebt of the Company or any Guarantor as provided herein, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of cash, Property or securities assets of the Company or any Guarantor applicable to the Senior Debt until the Obligations all amounts owing under on the Notes shall be paid in full; and, and for the purposes purpose of such subrogation, subrogation no such payments or distributions to the holders of the such Senior Debt by or on behalf of the Company or any Guarantor, or by or on behalf of the Holders by virtue of this Article ElevenXI, which otherwise would have been made to the Holders shall, as between the Company and the Guarantors or any Guarantor and the Holders, be deemed to be a payment by the Company or the respective any Guarantor to or on account of the such Senior Debt, it being understood that the provisions of this Article Eleven XI are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of such Senior Debt, on the other hand.

Holders To Be Subrogated to Rights of Holders of Senior Debt. Subject to the payment in full in cash or Temporary Cash Investments of all Senior DebtDebt of the Company or any Guarantor as provided herein, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of cash, Property or securities assets of the Company or any Guarantor applicable to the Senior Debt until the Obligations all amounts owing under on the Notes shall be paid in full; and, and for the purposes purpose of such subrogation, subrogation no such payments or distributions to the holders of the such Senior Debt by or on behalf of the Company or any Guarantor, or by or on behalf of the Holders by virtue of this Article ElevenXII, which otherwise would have been made to the Holders shall, as between the Company and the Guarantors or any Guarantor and the Holders, be deemed to be a payment by the Company or the respective any Guarantor to or on account of the such Senior Debt, it being understood that the provisions of this Article Eleven XII are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of such Senior Debt, on the other hand.

Holders To Be Subrogated to Rights of Holders of Senior Debt. Subject to the payment in full in cash or Temporary Cash Investments Equivalents of all Senior DebtDebt of the Company or any Guarantor as provided herein, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of cash, Property or securities assets of the Company or and any Guarantor applicable to the Senior Debt until the Obligations all amounts owing under on the Notes shall be paid in full; and, and for the purposes purpose of such subrogation, subrogation no such payments or distributions to the holders of the such Senior Debt by or on behalf of the Company or any Guarantor, or by or on behalf of the Holders by virtue of this Article ElevenXI, which otherwise would have been made to the Holders shall, as between the Company and the Guarantors or any Guarantor and the Holders, be deemed to be a payment by the Company or the respective any Guarantor to or on account of the such Senior Debt, it being understood that the provisions of this Article Eleven XI are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of such Senior Debt, on the other hand.