Common use of Subrogation to Rights of Holder of Senior Debt Clause in Contracts

Subrogation to Rights of Holder of Senior Debt. Upon the payment in full of all Senior Debt, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Debt to receive payments and distributions of cash, Property and securities applicable to Senior Debt until the principal of, premium, if any and interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of Senior Debt of any cash, Property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article 12, and no payments over pursuant to the provisions of this Article 12 to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 12 shall have been applied, pursuant to the provisions of this Article 12, to the payment of all amounts payable under the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash or Cash Equivalents.

Subrogation to Rights of Holder of Senior Debt. Upon Subject to the payment in full of all Senior Debt in cash or in any other form as acceptable to the holders of Senior Debt, the Holders of the Securities Notes shall be subrogated to the rights of the holders of such Senior Debt to receive payments and distributions of cash, Property property and securities applicable to the Senior Debt until the principal of, premium, if any any, and interest on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of Senior Debt of any cash, Property property or securities to which the Holders of the Securities or the High Yield Trustee would be entitled except for the provisions of this Article 12Article, and no payments over pursuant to the provisions of this Article 12 to the holders of Senior Debt by Holders of the Securities Notes or the High Yield Trustee, shall, as among the CompanyHigh Yield Subordinated Guarantor, its creditors other than holders of Senior Debt Debt, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company High Yield Subordinated Guarantor to or on account of the Senior Debt. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 12 shall have been applied, pursuant to the provisions of this Article 12, to the payment of all amounts payable under the Senior Debt of the Company, then and in such case the Holders shall be entitled to receive from the holders of such Senior Debt at the time outstanding any payments or distributions received by such holders of such Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full in cash or Cash Equivalents.