Common use of Subrogation of Notes Clause in Contracts

Subrogation of Notes. After all Senior Indebtedness is paid in full and until the Notes are paid in full, the Holders shall be subrogated (equally and ratably with all other Indebtedness pari passu with the Notes) to the rights of holders of Senior Indebtedness to receive distributions applicable to Senior Indebtedness to the extent that distributions otherwise payable to the Holders have been applied to the payment of Senior Indebtedness. If any Payment or Distribution to which the Holders would otherwise have been entitled but for the provisions of this Section 8 shall have been applied pursuant to the provisions of this Section 8 to the payment of all amounts payable in respect of the Senior Indebtedness, then and in such case, the Holders, as with respect to the Company, shall be entitled to receive from the holders of such Senior Indebtedness at the time outstanding any Payments or Distributions received by such holders of Senior Indebtedness in excess of the amount sufficient to pay all amounts payable in respect of the Senior Indebtedness in full in cash or, at the option of the holders of Senior Indebtedness, cash equivalents.