Common use of Holders to Be Subrogated Clause in Contracts

Holders to Be Subrogated. to Rights of Holders of Senior Debt of each Guarantor. Subject to the payment in full of all Senior Debt of each Guarantor, the Holders of the Securities shall be subrogated to the rights of the holders of Senior Debt of each Guarantor to receive payments or distributions of assets of each Guarantor applicable to the Senior Debt of each Guarantor until all amounts owing under the Guarantee shall be paid in full and for the purpose of such subrogation no payments or distributions to the holders of Senior Debt of each Guarantor by virtue of this Article 14 which otherwise would have been made to the Holders of the Securities, shall, as between each Guarantor, its creditors other than holders of its Senior Debt of each Guarantor and the Holders, be deemed to be a payment by each Guarantor to or on account of the Senior Debt of each Guarantor, it being understood that the provisions of this Article 14 are solely for the purpose of defining the relative rights of the holders of Senior Debt of the Guarantors on the one hand and the Holders 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 shall have been applied, pursuant to the provisions of this Article, to the payment of Senior Debt of each Guarantor, then and in such case, the Holders shall be entitled to receive from the holders of such Senior Debt of each Guarantor at the time outstanding any payments or distributions received by such holders of such Senior Debt of each Guarantor in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt of each Guarantor in full.

Holders to Be Subrogated. to Rights of Holders of ------------------------------------------------ Guarantor Senior Debt of each GuarantorDebt. Subject to the payment in full in cash or Cash --------------------- Equivalents of all Guarantor Senior Debt of each GuarantorDebt, the Holders of the Securities shall be subrogated to the rights of the holders of Guarantor Senior Debt of each such Guarantor to receive payments or distributions of assets cash, property or securities of each such Guarantor applicable to the such Guarantor Senior Debt of each Guarantor until all amounts owing under on or in respect of the Guarantee Obligations shall be paid in full and full; and, for the purpose purposes of such subrogation subrogation, no such payments or distributions to the holders of such Guarantor Senior Debt by or on behalf of each Guarantor such Guarantor, or by or on behalf of the Holders by virtue of this Article 14 Twelve, which otherwise would have been made to the Holders of the Securities, shall, as between each Guarantor, its creditors other than holders of its Senior Debt of each such Guarantor and the Holders, be deemed to be a payment by each such Guarantor to or on account of the such Guarantor Senior Debt of each GuarantorDebt, it being understood that the provisions of this Article 14 Twelve are and are intended solely for the purpose of defining the relative rights of the holders of Senior Debt of the Guarantors Holders, on the one hand hand, and the Holders holders of Guarantor 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 shall have been applied, pursuant to the provisions of this Article, to the payment of Senior Debt of each Guarantor, then and in such case, the Holders shall be entitled to receive from the holders of such Senior Debt of each Guarantor at the time outstanding any payments or distributions received by such holders of such Senior Debt of each Guarantor in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt of each Guarantor in full.

Holders to Be Subrogated. to Rights of Holders of Senior Debt of each GuarantorIndebtedness. Subject to Upon the payment in full of all Senior Debt Indebtedness of each Guarantorthe Company in cash or in a manner satisfactory to the holders of such Senior Indebtedness, the Holders of the Securities shall be subrogated equally and ratably to the rights of the holders of Senior Debt Indebtedness of each Guarantor the Company to receive payments or distributions of assets of each Guarantor the Company applicable to the Senior Debt Indebtedness of each Guarantor the Company until all amounts owing under on the Guarantee Securities shall be paid in full full, and for the purpose of such subrogation no payments or distributions to the holders of Senior Debt Indebtedness of each Guarantor the Company by or on behalf of the Company or by or on behalf of Holders of the Securities by virtue of this Article 14 12 which otherwise would have been made to the Holders of the Securities, Securities shall, as between each Guarantor, its creditors other than holders of its Senior Debt of each Guarantor the Company and the HoldersHolders of the Securities, be deemed to be a payment by each Guarantor the Company to or on account of Senior Indebtedness of the Senior Debt of each GuarantorCompany, it being understood that the provisions of this Article 14 12 are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of Senior Debt Indebtedness of the Guarantors on the one hand and the Holders Company, 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 shall have been applied, pursuant to the provisions of this Article, to the payment of Senior Debt of each Guarantor, then and in such case, the Holders shall be entitled to receive from the holders of such Senior Debt of each Guarantor at the time outstanding any payments or distributions received by such holders of such Senior Debt of each Guarantor in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt of each Guarantor in full.

Holders to Be Subrogated. to Rights of Holders of Senior Debt of each Guarantor------------------------------------------------------- Indebtedness. ------------ Subject to the payment in full in cash of all Senior Debt Indebtedness of each Guarantorthe Company as provided herein, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Debt of each Guarantor Indebtedness to receive payments or distributions of assets of each Guarantor the Company applicable to the Senior Debt of each Guarantor Indebtedness until all amounts owing under on the Guarantee Securities shall be paid in full full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Debt Indebtedness by the Company, or by or on behalf of each Guarantor the Holders by virtue of this Article 14 XII, which otherwise would have been made to the Holders of the Securities, shall, as between each Guarantor, its creditors other than holders of its Senior Debt of each Guarantor the Company and the Holders, be deemed to be a payment by each Guarantor to the Company or on account of the such Senior Debt of each GuarantorIndebtedness, it being understood that the provisions of this Article 14 XII are and are intended solely for the purpose of defining the relative rights of the holders of Senior Debt of the Guarantors Holders, on the one hand hand, and the Holders 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 XlI shall have been applied, pursuant to the provisions of this ArticleArticle XII, to the payment of amounts payable under Senior Debt Indebtedness of each Guarantorthe Company, then and in such case, the Holders shall be entitled to receive from the holders of such Senior Debt of each Guarantor at the time outstanding Indebtedness any payments or distributions received by such holders of such Senior Debt of each Guarantor Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt of each Guarantor Indebtedness in fullfull in cash.

Holders to Be Subrogated. to Rights of Holders of Senior Debt of each Guarantor------------------------------------------------------- Indebtedness. ------------ (a) Subject to the payment in full of all Senior Debt Indebtedness of each Guarantorthe Company as provided herein, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Debt of each Guarantor Indebtedness to receive payments or distributions of assets of each Guarantor the Company applicable to the Senior Debt of each Guarantor Indebtedness until all amounts owing under on the Guarantee Securities shall be paid in full full, and for the purpose of such subrogation no such payments or distributions to the holders of such Senior Debt Indebtedness by the Company, or by or on behalf of each Guarantor the Holders by virtue of this Article 14 XII, which otherwise would have been made to the Holders of the Securities, shall, as between each Guarantor, its creditors other than holders of its Senior Debt of each Guarantor the Company and the Holders, be deemed to be a payment by each Guarantor to the Company or on account of the such Senior Debt of each GuarantorIndebtedness, it being understood that the provisions of this Article 14 XII are and are intended solely for the purpose of defining the relative rights of the holders of Senior Debt of the Guarantors Holders, on the one hand hand, and the Holders holders of such Senior Indebtedness, on the other hand. . (b) If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article XlI shall have been applied, pursuant to the provisions of this ArticleArticle XII, to the payment of amounts payable under Senior Debt Indebtedness of each Guarantorthe Company, then and in such case, the Holders shall be entitled to receive from the holders of such Senior Debt of each Guarantor at the time outstanding Indebtedness any payments or distributions received by such holders of such Senior Debt of each Guarantor Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt of each Guarantor Indebtedness in full.