Common use of Payment of Debt; Subrogation Clause in Contracts

Payment of Debt; Subrogation. Upon the payment in full of all Senior Financing and Senior Term C Loans in cash, the holders of Subordinated Debt shall be subrogated to all rights of any holder of Senior Financing or any holder of Senior Term C Loans to receive any further payments or distributions applicable thereto until the Subordinated Debt shall have been paid in full, and such payments or distributions received by the holders of Subordinated Debt by reason of such subrogation, of cash, Securities or other property which otherwise would be paid or distributed to the holders of Senior Financing or Senior Term C Loans, shall, as between the Company and its creditors other than the holders of Senior Financing or Senior Term C Loans, on the one hand, and the holders of Subordinated Debt, on the other hand, be deemed to be a payment by the Company on account of Senior Financing or Senior Term C Loans and not on account of Subordinated Debt. Upon the payment in full of all Senior Subordinated Notes in cash, the holders of Junior Subordinated Notes shall be subrogated to all rights of any holder of Senior Subordinated Notes to receive any further payments or distributions applicable to the Senior Subordinated Notes until the Junior Subordinated Notes shall have been paid in full, and such payments or distributions received by the holders of Junior Subordinated Notes by reason of such subrogation, of cash, Securities or other property which otherwise would be paid or distributed to the holders of Senior Subordinated Notes, shall, as between the Company and its creditors other than the holders of Senior Subordinated Notes, on the one hand, and the holders of Junior Subordinated Notes, on the other hand, be deemed to be a payment by the Company on account of Senior Subordinated Notes and not on account of Junior Subordinated Notes.

Payment of Debt; Subrogation. Upon the payment in full of all Senior Financing and Senior Term C Loans in cashcash and termination of the Revolving Loan Commitment, the holders of Subordinated Debt Notes shall be subrogated to all rights of any holder of Senior Financing or any holder of Senior Term C Loans to receive any further payments or distributions applicable thereto until the Subordinated Debt Notes shall have been paid in full, and such payments or distributions received by the holders of Subordinated Debt Notes by reason of such subrogation, of cash, Securities securities or other property which otherwise would be paid or distributed to the holders of Senior Financing or Senior Term C Loans, shall, as between the Company Loan Parties and its creditors other than the holders of Senior Financing or Senior Term C Loans, on the one hand, and the holders of Subordinated DebtNotes, on the other hand, be deemed to be a payment by the Company Loan Parties on account of Senior Financing or Senior Term C Loans and not on account of Subordinated DebtNotes. Upon the payment in full of all Senior Subordinated Notes in cash, the holders of Junior Subordinated Notes shall be subrogated to all rights of any holder of Senior Subordinated Notes to receive any further payments or distributions applicable to the Senior Subordinated Notes until the Junior Subordinated Notes shall have been paid in full, and such payments or distributions received by the holders of Junior Subordinated Notes by reason of such subrogation, of cash, Securities securities or other property which otherwise would be paid or distributed to the holders of Senior Subordinated Notes, shall, as between the Company Loan Parties and its creditors other than the holders of Senior Subordinated Notes, on the one hand, and the holders of Junior Subordinated Notes, on the other hand, be deemed to be a payment by the Company Loan Parties on account of Senior Subordinated Notes and not on account of Junior Subordinated Notes.

Payment of Debt; Subrogation. Upon the payment in full of all Senior Financing and Senior Term C Loans Notes in cash, the holders of Subordinated Debt Notes shall be subrogated to all rights of any holder of Senior Financing or any holder of Senior Term C Loans Notes to receive any further payments or distributions applicable thereto until the Subordinated Debt Notes shall have been paid in full, and such payments or distributions received by the holders of Subordinated Debt Notes by reason of such subrogation, of cash, Securities securities or other property which otherwise would be paid or distributed to the holders of Senior Financing or Senior Term C LoansNotes, shall, as between the Company Loan Parties and its creditors other than the holders of Senior Financing or Senior Term C LoansNotes, on the one hand, and the holders of Subordinated DebtNotes, on the other hand, be deemed to be a payment by the Company Loan Parties on account of Senior Financing or Senior Term C Loans Notes and not on account of Subordinated DebtNotes. Upon the payment in full of all Senior Subordinated Notes in cash, the holders of Junior Subordinated Notes shall be subrogated to all rights of any holder of Senior Subordinated Notes to receive any further payments or distributions applicable to the Senior Subordinated Notes until the Junior Subordinated Notes shall have been paid in full, and such payments or distributions received by the holders of Junior Subordinated Notes by reason of such subrogation, of cash, Securities securities or other property which otherwise would be paid or distributed to the holders of Senior Subordinated Notes, shall, as between the Company Loan Parties and its creditors other than the holders of Senior Subordinated Notes, on the one hand, and the holders of Junior Subordinated Notes, on the other hand, be deemed to be a payment by the Company Loan Parties on account of Senior Subordinated Notes and not on account of Junior Subordinated Notes.

Payment of Debt; Subrogation. Upon the payment in full of all Senior Financing and Senior Term C Loans in cash, the holders of Subordinated Debt shall be subrogated to all rights of any holder of Senior Financing or any holder of Senior Term C Loans to receive any further payments or distributions applicable thereto until the Subordinated Debt shall have been paid in full, and such payments or distributions received by the holders of Subordinated Debt by reason of such subrogation, of cash, Securities or other property which otherwise would be paid or distributed to the holders of Senior Financing or Senior Term C Loans, shall, as between the Company and its creditors other than the holders of Senior Financing or Senior Term C Loans, on the one hand, and the holders of Subordinated Debt, on the other hand, be deemed to be a payment by the Company on account of Senior Financing or Senior Term C Loans and not on account of Subordinated Debt. Upon the payment in full of all Senior Subordinated Notes in cash, the holders of Junior Subordinated Notes shall be subrogated to all rights of any holder of Senior Subordinated Notes to receive any further payments or distributions applicable to the Senior Subordinated Notes until the Junior Subordinated Notes shall have been paid in full, and such payments or distributions received by the holders of Junior Subordinated Notes by reason of such subrogation, of cash, Securities or other property which otherwise would be paid or distributed to the holders of Senior Subordinated Notes, shall, as between the Company and its creditors other than the holders of Senior Subordinated Notes, on the one hand, and the holders of Junior Subordinated Notes, on the other hand, be deemed to be a payment by the Company on account of Senior Subordinated Notes and not on account of Junior Subordinated Notes.