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

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness of the Company as provided herein, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11, 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 or on account of such Senior Indebtedness, it being understood that the provisions of this Article 11 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 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or cash equivalents of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11X, which otherwise would have been made to the Holders Holders, shall, as between the Company and the Holders, be deemed to be payment by the Company to or on account of such the Senior Indebtedness, it being understood that the provisions of this Article 11 X 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 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 11 X shall have been applied, pursuant to the provisions of this Article 11X, to the payment of amounts payable under the Senior Indebtedness of the CompanyIndebtedness, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such the Senior Indebtedness in full in cashcash or cash equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full in cash of all Senior Indebtedness of the Company as provided hereinin cash or in a manner satisfactory to the holders of such Senior Indebtedness, the Holders of Notes the Securities shall be subrogated equally and ratably to the rights of the holders of such Senior Indebtedness of the Company to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness of the Company until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness of the Company by or on behalf of the Company, Company or by or on behalf of Holders of the Holders Securities by virtue of this Article 11, 12 which otherwise would have been made to the Holders of the Securities shall, as between the Company and the HoldersHolders of the Securities, be deemed to be payment by the Company to or on account of such Senior IndebtednessIndebtedness of the Company, it being understood that the provisions of this Article 11 are and 12 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 such 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then on the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cashother hand.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or cash equivalents of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11X, 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 such the Senior Indebtedness, it being understood that the provisions of this Article 11 X 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 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 11 X shall have been applied, pursuant to the provisions of this Article 11X, to the payment of amounts payable under the Senior Indebtedness of the CompanyIndebtedness, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such the Senior Indebtedness in full in cashcash or cash equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or Cash Equivalents, or such payment duly provided for to the satisfaction of the holders of Senior Indebtedness, of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in fullfull in cash or Cash Equivalents, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Ten, 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 such the Senior Indebtedness, it being understood that the provisions of this Article 11 Ten 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 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 11 Ten shall have been applied, pursuant to the provisions of this Article 11Ten, to the payment of all amounts payable under the Senior Indebtedness of the CompanyIndebtedness, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any such payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such the Senior Indebtedness in full in cashcash or Cash Equivalents, or such payment duly provided for to the satisfaction of the holders of Senior Indebtedness. Each Holder by purchasing or accepting a Note waives any and all notice of the creation, modification, renewal, extension or accrual of any Senior Indebtedness of the Company and notice of or proof of reliance by any holder or owner of Senior Indebtedness of the Company upon this Article Ten and the Senior Indebtedness of the Company shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Article Ten, and all dealings between the Company and the holders and owners of the Senior Indebtedness of the Company shall be deemed to have been consummated in reliance upon this Article Ten.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment After all amounts payable under or in full in cash respect of all Senior Indebtedness of the Company as provided herein(whether or not due) are paid in full, the Holders of Notes shall be subrogated (without any duty on the part of the holders of Senior Indebtedness to warrant, create, effectuate, preserve or protect such subrogation), to the extent of the payments or distributions made to the holders of Senior Indebtedness pursuant to the provisions of this Article Twelve (equally and ratably with the holders of all other indebtedness of any Subsidiary Guarantor which by its express terms is subordinate and subject in right of payment to Senior Indebtedness to substantially the same extent as the Guarantees are so subordinated and subject in right of payment and which is entitled to like rights and subrogation), to the rights of the holders of such Senior Indebtedness to receive payments or and distributions of assets of the Company cash, property and securities applicable to the Senior Indebtedness Indebtedness, until all amounts owing the principal of and interest on the Notes Securities shall be paid in full, and for . For the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Twelve, which otherwise would have been made to the Holders shall, as between the Company any Subsidiary Guarantor and the Holders, be deemed to be payment by the Company such Subsidiary Guarantor to or on account of such the Senior Indebtedness, it being understood that the provisions of this Article 11 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 such 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or cash equivalents of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11X, 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 such the Senior Indebtedness, it being understood that the provisions of this Article 11 X 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 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 11 X shall have been applied, 101 pursuant to the provisions of this Article 11X, to the payment of amounts payable under the Senior Indebtedness of the CompanyIndebtedness, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such the Senior Indebtedness in full in cashcash or cash equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to After the payment in full in cash of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness (equally and ratably with the holders of all other Indebtedness of the Company which by its express terms is subordinate and subject in right of payment to Senior Indebtedness of the Company to substantially the same extent as the Securities are so subordinate and subject in right of payment and which is entitled to like rights and subrogation as a result of payments made to the holders of such Senior Indebtedness), until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such the Senior Indebtedness by or on behalf of the Company, Company or by or on behalf of the Holders by virtue of this Article 11, 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 such the Senior Indebtedness, it being understood that the provisions of this Article 11 Ten 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 the Senior Indebtedness, on the other hand. If any payment or distribution Nothing in this Section 10.04 shall be deemed to which give the Holders would otherwise have been entitled but for the provisions benefits of this Article 11 shall have been applied, pursuant any rights to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of any collateral securing such Senior Indebtedness any payments or distributions received by as to which such holders of Senior Indebtedness in excess of the amount sufficient Holders may become subrogated pursuant to pay all amounts payable under or in respect of such Senior Indebtedness in full in cashthis Section 10.04.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full in cash of all Senior Indebtedness of the Company as provided hereinin cash or in a manner satisfactory to the holders of such Senior Indebtedness, the Holders of Notes the Securities shall be subrogated equally and ratably to the rights of the holders of such Senior Indebtedness of the Company to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness of the Company until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness of the Company by or on behalf of the Company, Company or by or on behalf of Holders of the Holders Securities by virtue of this Article 11, which 13 that otherwise would have been made to the Holders of the Securities shall, as between the Company and the HoldersHolders of the Securities, be deemed to be payment by the Company to or on account of such Senior IndebtednessIndebtedness of the Company, it being understood that the provisions of this Article 11 are and 13 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 such 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then on the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cashother hand.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject After all amounts payable under or in respect of Senior Indebtedness (whether or not due) are paid in full, the Holders shall be subrogated (without any duty on the part of the holders of Senior Indebtedness to warrant, create, effectuate, preserve or protect such subrogation), to the payment in full in cash extent of the payments or distributions made to the holders of Senior Indebtedness pursuant to the provisions of this Article Ten (equally and ratably with the holders of all Senior Indebtedness other indebtedness of the Company which by its express terms is subordinate and subject in right of payment to Senior Indebtedness to substantially the same extent as provided hereinthe Notes are so subordinate and subject in right of payment and which is entitled to like rights and subrogation), the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or and distributions of assets of the Company cash, property and securities applicable to the Senior Indebtedness Indebtedness, until all amounts owing the principal of and interest on the Notes shall be paid in full, and for . For the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Ten, 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 such the Senior Indebtedness, it being understood that the provisions of this Article 11 Ten 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 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness of the Company as provided herein, the Holders of Notes Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11XII, 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 or on account of such Senior Indebtedness, it being understood that the provisions of this Article 11 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 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 11 XlI shall have been applied, pursuant to the provisions of this Article 11XII, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject After all amounts payable under or in respect of Senior Indebtedness (whether or not due) are paid in full, the Holders shall be subrogated (without any duty on the part of the holders of Senior Indebtedness to warrant, create, effectuate, preserve or protect such subrogation), to the payment in full in cash extent of the payments or distributions made to the holders of Senior Indebtedness pursuant to the provisions of this Article (equally and ratably with the holders of all Senior other Indebtedness of the Company which by its express terms is subordinate and subject in right of payment to Senior Indebtedness to substantially the same extent as provided hereinthe Notes are so subordinate and subject in right of payment and which is entitled to like rights and subrogation), the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or and distributions of assets of the Company cash, property and securities applicable to the Senior Indebtedness Indebtedness, until all amounts owing the principal of and interest on the Notes shall be paid in full, and for . For the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Article, 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 such the Senior Indebtedness, it being understood that the provisions of this Article 11 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 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. (a) Subject to the payment in full in cash or Cash Equivalents of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes the Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets cash, property or securities of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes Securities shall be paid in full; and, and for the purpose purposes of such subrogation subrogation, no such payments or distributions to the holders of such the Senior Indebtedness by or on behalf of the Company, Company or by or on behalf of the Holders by virtue of this Article 11, Four which otherwise would have been made to the Holders shall, as between the Company and the HoldersHolders of the Securities, be deemed to be a payment by the Company to or on account of such the Senior Indebtedness, it being understood that the provisions of this Article 11 Four are and 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 such the Senior Indebtedness, on the other hand. If . (b) Each Holder by purchasing or accepting a Security waives any payment and all notice of the creation, modification, renewal, extension or distribution to which the Holders would otherwise have been entitled but for the provisions accrual of this Article 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under any Senior Indebtedness and notice of the Company, then the Holders shall be entitled to receive from the holders or proof of such Senior Indebtedness reliance by any payments holder or distributions received by such holders owner of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such upon this Article Four and Senior Indebtedness shall conclusively be deemed to have been created, contracted or incurred in full reliance upon this Article Four, and all dealings between the Company and the holders and owners of Senior Indebtedness shall be deemed to have been consummated in cashreliance upon this Article Four.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or cash equivalents of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes Senior Debt shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Ten, 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 such the Senior Indebtedness, it being understood that the provisions of this Article 11 Ten 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 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 11 Ten shall have been applied, pursuant to the provisions of this Article 11Ten, to the payment of amounts payable under the Senior Indebtedness of the CompanyIndebtedness, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such the Senior Indebtedness in full in cashcash or cash equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment After all amounts payable under or in full in cash respect of all Senior Indebtedness of the Company as provided herein(whether or not due) are paid in full, the Holders of Notes shall be subrogated (without any duty on the part of the holders of Senior Indebtedness to warrant, create, effectuate, preserve or protect such subrogation), to the extent of the payment or distributions made to the holders of Senior Indebtedness pursuant to the provisions of this Article (equally and ratably with the holders of all other indebtedness of any Guarantor which by its express terms is subordinate and subject in right of payment to Senior Indebtedness to substantially the same extent as the Guarantee are so subordinated and subject in right of payment and which is entitled to like rights and subrogation), to the rights of the holders of such Senior Indebtedness to receive payments or and distributions of assets of the Company cash, property and securities applicable to the Senior Indebtedness Indebtedness, until all amounts owing the principal of and interest on the Notes shall be paid in full, and for . For the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Article, which otherwise would have been made to the Holders shall, as between the Company any Guarantor and the Holders, be deemed to be payment by the Company any Guarantor to or on account of such the Senior Indebtedness, it being understood that the provisions of this Article 11 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 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full in cash of all Senior Indebtedness of the Company as provided hereinin cash or in a manner satisfactory to the holders of such Senior Indebtedness, the Holders of Notes the Securities shall be subrogated equally and ratably to the rights of the holders of such Senior Indebtedness of the Company to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness of the Company until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness of the Company by or on behalf of the Company, Company or by or on behalf of Holders of the Holders Securities by virtue of this Article 11, 13 which otherwise would have been made to the Holders of the Securities shall, as between the Company and the Holders, Holders of the Securities be deemed to be payment by the Company to or on account of such Senior Indebtedness, Indebtedness of the Company it being understood that the provisions of this Article 11 are and 13 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 such 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then on the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cashother hand.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness of the Company as provided herein, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, 103 111 or by or on behalf of the Holders by virtue of this Article 11, 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 or on account of such Senior Indebtedness, it being understood that the provisions of this Article 11 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 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full in cash of all Senior Indebtedness of the Company as provided hereinin cash or in a manner satisfactory to the holders of such Senior Indebtedness, the Holders of Notes the Securities shall be subrogated equally and ratably to the rights of the holders of such Senior Indebtedness of the Company to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness of the Company until all amounts owing on the Notes Securities shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness of the Company by or on behalf of the Company, Company or by or on behalf of Holders of the Holders Securities by virtue of this Article 11, which 12 that otherwise would have been made to the Holders of the Securities shall, as between the Company and the HoldersHolders of the Securities, be deemed to be payment by the Company to or on account of such Senior IndebtednessIndebtedness of the Company, it being understood that the provisions of this Article 11 are and 12 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 such 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then on the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cashother hand.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full in cash of all Senior Indebtedness of the Company or Senior Indebtedness of the Guarantor, as provided hereinthe case may be, in cash or in a manner satisfactory to the holders of such Senior Indebtedness, the Holders of Notes the Securities or the Guarantee, as the case may be, shall be subrogated equally and ratably to the rights of the holders of such Senior Indebtedness of the Company or Senior Indebtedness of the Guarantor, as the case may be, to receive payments or distributions of assets of the Company or the Guarantor, as the case may be, applicable to the Senior Indebtedness of the Company or Senior Indebtedness of the Guarantor, as the case may be, until all amounts owing on the Notes Securities or the Guarantee, as the case may be, shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness of the Company or Senior Indebtedness of the Guarantor, as the case may be, by or on behalf of the CompanyCompany or the Guarantor, as the case may be, or by or on behalf of Holders of the Holders Securities or the Guarantee by virtue of this Article 11, 13 which otherwise would have been made to the Holders of the Securities or the Guarantee shall, as between the Company Company, the Guarantor and the HoldersHolders of the Securities or the Guarantee, be deemed to be payment by the Company or the Guarantor, as the case may be, to or on account of such Senior IndebtednessIndebtedness of the Company or Senior Indebtedness of the Guarantor, as the case may be, it being understood that the provisions of this Article 11 are and 13 are intended solely for the purpose of defining the relative rights of the HoldersHolders of the Securities or the Guarantee, on the one hand, and the holders of such Senior IndebtednessIndebtedness of the Company or Senior Indebtedness of the Guarantor, as the case may be, 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or Cash Equivalents of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in fullfull in cash or Cash Equivalents, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 1110, which otherwise would have been made to the Holders Holders, shall, as between the Company and the Holders, be deemed to be payment by the Company to or on account of such the Senior Indebtedness, it being understood that the provisions of this Article 11 10 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 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 11 10 shall have been applied, pursuant to the provisions of this Article 1110, to the payment of all amounts payable under the Senior Indebtedness of the CompanyIndebtedness, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts 69 71 payable under or in respect of such the Senior Indebtedness in full in cashcash or Cash Equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness of the Company as provided herein, the 93 101 Holders of Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes shall be paid in full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11, 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 or on account of such Senior Indebtedness, it being understood that the provisions of this Article 11 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 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or Cash Equivalents of all Senior Indebtedness of the Company as provided hereinIndebtedness, the Holders of Notes Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to the Senior Indebtedness until all amounts owing on the Notes Securities shall be paid in fullfull in cash, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Four, which otherwise would have been made to the Holders Holders, shall, as between the Company and the Holders, be deemed to be payment by the Company to or on account of such the Senior Indebtedness, it being understood that the provisions of this Article 11 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 such 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 11 Four shall have been applied, pursuant to the provisions of this Article 11Four, to the payment of all amounts payable under the Senior Indebtedness of the CompanyIndebtedness, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such the Senior Indebtedness in full in cashcash or Cash Equivalents.

Holders To Be Subrogated to Rights of Holders of Senior Indebtedness. Subject to the payment After all amounts payable under or in full in cash respect of all Senior Indebtedness of the Company as provided herein(whether or not due) are paid in full, the Holders of Notes shall be subrogated (without any duty on the part of the holders of Senior Indebtedness to warrant, create, effectuate, preserve or protect such subrogation), to the extent of the payments or distributions made to the holders of Senior Indebtedness pursuant to the provisions of this Article Twelve (equally and ratably with the holders of all other indebtedness of any Subsidiary Guarantor which by its express terms is subordinate and subject in right of payment to Senior Indebtedness to substantially the same extent as the Guarantees are so subordinated and subject in right of payment and which is entitled to like rights and subrogation), to the rights of the holders of such Senior Indebtedness to receive payments or and distributions of assets of the Company cash, property and securities applicable to the Senior Indebtedness Indebtedness, until all amounts owing the principal of and interest on the Notes shall be paid in full, and for . For the purpose of such subrogation no such payments or distributions to the holders of such Senior Indebtedness by or on behalf of the Company, or by or on behalf of the Holders by virtue of this Article 11Twelve, which otherwise would have been made to the Holders shall, as between the Company any Subsidiary Guarantor and the Holders, be deemed to be payment by the Company such Subsidiary Guarantor to or on account of such the Senior Indebtedness, it being understood that the provisions of this Article 11 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 such 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 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of amounts payable under Senior Indebtedness of the Company, then the Holders shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.