Common use of Subrogation of Notes Clause in Contracts

Subrogation of Notes. Subject to the payment in full of the principal of, premium, if any, on and interest on all Senior Indebtedness, the holders of the Notes shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of the Company made on the Senior Indebtedness paid in full. For the purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness of any cash, property, or securities to which the holders of the Notes would be entitled except for the provisions of this Article 3 shall, as between the Company and the holders of the Notes, be deemed to be a payment by the Company to or on account of Senior Indebtedness, it being understood that the provisions of this Article 3 are and are intended solely for the purpose of defining the relative rights of the holders of the Notes, on the one hand, and the holders of the Senior Indebtedness, on the other hand.

Subrogation of Notes. Subject to the payment in full of the principal of, premium, if any, on and interest on all Senior Indebtedness, the holders of the Notes shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of the Company made on the Senior Indebtedness paid in full. For the purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness of any cash, property, or securities to which the holders of the Notes would be entitled except for the provisions of this Article 3 shall, as between the Company and the holders of the Notes, Notes or of the Junior Subordinated Notes be deemed to be a payment by the Company to or on account of Senior Indebtedness, it being understood that the provisions of this Article 3 are and are intended solely for the purpose of defining the relative rights of the holders of the Notes, on the one hand, and the holders of the Senior Indebtedness, on the other hand.