Subrogation to Rights of Holders of Senior Guarantor Debt. After the payment in full of all Senior Guarantor Debt in cash (or as otherwise agreed by holders of Senior Guarantor Debt), the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Guarantor Debt to receive payments and distributions of cash, property and securities applicable to the Senior Guarantor 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 Guarantor 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, and no payments over pursuant to the provisions of this Article to the holders of Senior Guarantor Debt by Holders of the Securities or the Trustee, shall, as among any Guarantor, its creditors other than holders of Senior Guarantor Debt, and the Holders of the Securities, be deemed to be a payment or distribution by such Guarantor to or on account of the Senior Guarantor Debt.
Appears in 5 contracts
Samples: Seventh Supplemental Indenture (Penske Automotive Group, Inc.), Third Supplemental Indenture (Penske Automotive Group, Inc.), First Supplemental Indenture (Penske Automotive Group, Inc.)
