Common use of Subrogation to Rights of Holders of Senior Indebtedness Clause in Contracts

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationCompany) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article XIV to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 ArticleArticle XIV, and no payments over pursuant to the provisions of this Article XIV to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness in cash or Cash Equivalents or in any other form as acceptable to the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Obligations due or to become due on or in respect of Senior Indebtedness, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article Sixteen to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 ArticleArticle Sixteen, and no payments over pursuant to the provisions of this Article Sixteen to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full The rights of all Senior Indebtedness, the Holders of the Securities Junior Subordinated Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest (including Additional Interest) on the Securities Junior Subordinated Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Junior Subordinated Notes 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 Indebtedness by Holders of the Securities Junior Subordinated Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesJunior Subordinated Notes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full full, in cash or Cash Equivalents or, as acceptable to the holders of Senior Indebtedness, in any other manner, of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest on on, the Securities shall be paid in full, in cash or Cash Equivalents or, as acceptable to the holders of Securities, in any other manner. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness Senior Indebtedness of the Company to substantially the same extent as the Securities are subordinated and which is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness in cash equivalents, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness Pari Passu Indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationCompany) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Subordinated Note Obligations shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes 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 Indebtedness by Holders of the Securities Notes or on their behalf or by the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article are intended solely for the purpose of determining the relative rights of the Holders of the Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior payment in full in cash of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes 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 Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities assets of the Company applicable to the such Senior Indebtedness until the principal of (and premium, if any) Principal and interest on the Securities shall be paid in full. For purposes of such subrogation, no none of the payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle 11, and no or of payments over pursuant to the provisions of this Article 11 to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article 11 are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest on on, the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article XIV to the rights of the holders of such Designated Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 ArticleArticle XIV, and no payments over pursuant to the provisions of this Article XIV to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior payment in full of all Senior Indebtedness, the Holders holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities applicable assets of the Company to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of (and of, premium, if any) , and interest on the Securities Debentures shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders of the Senior Indebtedness Debentures of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of the Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the Company, its creditors other than the holders of Senior Indebtedness Indebtedness, and the Holders holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Senior Indebtedness, on the other hand. The Trustee, for itself and on behalf of each of the Debentureholders, hereby waives any and all rights to require a Senior Creditor to pursue or exhaust any rights or remedies with respect to the Company or any property and assets subject to any Senior Security or in any other manner to require the orderly disposition of property, assets or security in connection with the exercise by the Senior Creditors of any rights, remedies or recourses available to them.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Guarantee shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Guarantee 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 Indebtedness by Holders of the Securities or the Guarantee Trustee, shall, as among the CompanyGuarantor, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company Guarantor to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities assets of the Company applicable to the such Senior Indebtedness until the principal of (and premium, if any) Principal and interest on the Securities shall be paid in full. For purposes of such subrogation, no none of the payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle 11, and no or of payments over pursuant to the provisions of this Article 11 to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article 11 are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities assets of the Company applicable to the such Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Notes shall be paid in full. For purposes of such subrogation, no none of the payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this ArticleArticle 12, and no or of payments over pursuant to the provisions of this Article 12 to the holders of Senior Indebtedness by Holders of the Securities Notes or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article 12 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 to Rights of Holders of Senior Indebtedness. Subject to the Upon payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness Indebtedness of the Company which that by its express terms is subordinated to indebtedness Indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationSenior Indebtedness) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until to the principal extent that payments and distributions otherwise payable to Holders of (and premium, if any) and interest on Securities have been applied to the Securities shall be paid in fullpayment of Senior Indebtedness as provided by this Article 13. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled entitled, except for the provisions of this ArticleArticle 13, and no payments over pursuant to the provisions of this Article 13 to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior payment in full of all Senior Indebtedness, the Holders holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities applicable assets of the Corporation to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of (and of, premium, if any) , and interest on the Securities Debentures shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders of the Senior Indebtedness Debentures of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of the Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the CompanyCorporation, its creditors other than the holders of Senior Indebtedness Indebtedness, and the Holders holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company Corporation to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Senior Indebtedness, on the other hand. The Trustee, for itself and on behalf of each of the Debentureholders, hereby waives any and all rights to require a Senior Creditor to pursue or exhaust any rights or remedies with respect to the Corporation or any property and assets subject to any Senior Security or in any other manner to require the marshalling of property, assets or security in connection with the exercise by the Senior Creditors of any rights, remedies or recourses available to them.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company and each Subsidiary Guarantor which by its express terms is subordinated to indebtedness of the Company and each Subsidiary Guarantor to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the CompanyCompany and any Subsidiary Guarantor, its respective creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company or any Subsidiary Guarantor to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article Seventeen to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 ArticleArticle Seventeen, and no payments over pursuant to the provisions of this Article Seventeen to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities of a series shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article Sixteen to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and or securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on or interest, if any, as the case may be, in respect of the Securities of that series shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities of that series or the Trustee would be entitled except for the provisions of this ArticleArticle Sixteen, and no payments over pursuant to the provisions of this Article Sixteen to the Company or to the holders of Senior Indebtedness by Holders of the Securities of that series or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesSecurities of that series, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company Senior Indebtedness to substantially the same extent as the Securities Notes are so subordinated and which is entitled to like rights of subrogationsubrogation as a result of the payments made to the holders of Senior Indebtedness) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest all amounts owing on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness by or on behalf of any cash, property the Company or securities to which by or on behalf of 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 by virtue of this Article which otherwise would have been made to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full in cash (or as otherwise agreed by the holders of Senior Indebtedness) of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest on on, the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 holder of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtednessfull, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest on on, the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Debentures shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Debentures 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 Indebtedness by Holders of the Securities Debentures or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders holders of the Securities shall Debentures will be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities applicable assets of the Corporation to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of (and premium, if any) and interest on the Securities shall be Debentures has been paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders of the Senior Indebtedness Debentures of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of the Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shallwill, as among between the CompanyCorporation, its creditors other than the holders of Senior Indebtedness Indebtedness, and the Holders holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company Corporation to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness of the Guarantor, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness of the Guarantor to receive payments and or distributions of cash, property and securities applicable assets of the Guarantor (to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the Holders but for the provisions hereof) until the principal of (and premium, if any) and interest on the Securities Senior Preferred Share Obligations shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders Holders of the Senior Indebtedness of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of such Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the CompanyGuarantor, its creditors (other than the holders of Senior Indebtedness Indebtedness), and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company Guarantor to the holders of such Senior Indebtedness or on account of the such 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 Holders, on the one hand, and the holders of Senior Indebtedness of the Guarantor, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 11 (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated not Senior Indebtedness and which is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premiumPrincipal or repurchase price, if any) , of and interest on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtedness, the Holders of the Securities shall will be subrogated (equally and ratably with the holders of all indebtedness of the Company Issuers which by its express terms is subordinated to indebtedness of the Company Senior Indebtedness to substantially the same extent as the Securities are so subordinated and which is entitled to like rights of subrogationsubrogation as a result of the payments made to the holders of Senior Indebtedness) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest all amounts owing on the Securities shall will be paid in fullfull in cash or Cash Equivalents. For purposes of such subrogation, no payments payment or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders or on behalf of the Securities Issuers or by or on behalf of the Trustee, shallHolders by virtue of this Article XI which otherwise would have been made to the Holders will, as among between the CompanyIssuers, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed decreed to be a payment or distribution by the Company Issuers to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness of the Guarantor, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness of the Guarantor to receive payments and or distributions of cash, property and securities applicable assets of the Guarantor (to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the Holders but for the provisions hereof) until the principal of (and premium, if any) and interest on the Securities Class A Preferred LP Unit Obligations shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders Holders of the Senior Indebtedness of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of such Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the CompanyGuarantor, its creditors (other than the holders of Senior Indebtedness Indebtedness), and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company Guarantor to the holders of such Senior Indebtedness or on account of the such 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, on the one hand, and the holders of Senior Indebtedness of the Guarantor, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest interest, if any, on the Securities shall be paid in fullfull in cash or cash equivalents. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle XIII, and no payments over pursuant to the provisions of this Article XIII to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article Eleven to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and or securities applicable to the Senior Indebtedness until the principal of (and premiumprincipal, Redemption Price, interest, if any) and interest on , or other amounts payable as contemplated by Section 2.3, as the case may be, in respect of the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle Eleven, and no payments over pursuant to the provisions of this Article Eleven to the Company or to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would otherwise 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 Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and or securities of the Company applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest Obligations on the Securities shall be paid in full. For ; and, for the purposes of such subrogation, no payments payment or distributions to the holders of the Senior Indebtedness 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 ArticleArticle Fourteen, and no payments payment over pursuant to the provisions of this Article Fourteen, to or for the benefit of the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness. It is understood that the provisions of this Article Fourteen are and are intended solely for the purposes of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest (including Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article XII to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 ArticleArticle XII, and no payments over pursuant to the provisions of this Article XII to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, Company and its creditors (other than holders of Senior Indebtedness and the Holders of the Securities), be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all amounts due or to become due on or in respect of Senior Indebtedness, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premiumpremium and other amounts, 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes 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 Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest interest, if any, on and Additional Amounts, if any, in respect of the Securities shall be paid in fullfull in cash or Cash Equivalents. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle Sixteen, and no payments over pursuant to the provisions of this Article Sixteen to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness Indebtedness of the Company which by its express terms is subordinated to indebtedness Senior Indebtedness of the Company to substantially the same extent as the Securities are subordinated and which is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any, on) and interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness. The subrogation rights established hereby shall not create any obligations or liabilities of any holder or owner of any Senior Indebtedness to the Holders of the Securities.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities or any Coupons shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article 13 to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and or securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and or interest on the Securities or any Coupons shall be paid in full. For purposes of such subrogation, no payments or distributions distribution to the holders of the Senior Indebtedness 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 ArticleArticle 13, and no payments over pursuant to the provisions of this Article 13 to the Issuer or to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the CompanyIssuer, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesSecurities or Coupons, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior and indefeasible payment in full of all Senior IndebtednessIndebtedness and Section 9.10, the Holders holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities assets of the Corporation applicable to the Senior Indebtedness Indebtedness, to the extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of (and of, premium, if any) , and interest on the Securities Debentures shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders of the Senior Indebtedness Debentures of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of the Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the CompanyCorporation, its creditors other than the holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesDebentureholders, be deemed to be a payment or distribution by the Company Corporation to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article 9 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Senior Indebtedness, on the other hand. The Trustee, for itself and on behalf of each of the Debentureholders, hereby waives any and all rights to require a Senior Creditor to pursue or exhaust any rights or remedies with respect to the Corporation or any property and assets subject to any Senior Security or in any other manner to require the marshalling of property, assets or security in connection with the exercise by the Senior Creditors of any rights, remedies or recourses available to them.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full (a) The rights of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest (including Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness Indebtedness of the Company which by its express terms that is subordinated to indebtedness pari passu in right of payment with the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationNotes) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until to the principal extent that distributions otherwise payable to the holders of (and premium, if any) and interest on the Securities shall be paid in fullNotes have been applied to the payment of Senior Indebtedness. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders holders of the Securities Notes 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 Indebtedness by Holders holders of the Securities Notes or on their behalf or by the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article are intended solely for the purpose of determining the relative rights of the holders of Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness in cash or cash equivalents, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness Pari Passu Indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationCompany) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Subordinated Note Obligations shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or on their behalf or by the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article are intended solely for the purpose of determining the relative rights of the Holders, on the one hand, and the holders of Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full The rights of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest (including Additional Interest, if any) on the Securities Junior Subordinated Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness in cash, and until the Debentures are paid in full, the Holders holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationSenior Subordinated Indebtedness) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until to the principal extent that payments and distributions otherwise payable to holders of (and premium, if any) and interest on Debentures have been applied to the Securities shall be paid in fullpayment of Senior Indebtedness as provided by this Article 4. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders holders of the Securities Debentures or the Trustee would be entitled entitled, except for the provisions of this ArticleArticle 4, and no payments over pursuant to the provisions of this Article 4 to the holders of Senior Indebtedness by Holders holders of the Securities Debentures or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to or on account of the Senior IndebtednessDebentures.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness Pari Passu Indebtedness of Centennial, the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationIssuer or any Guarantor) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until to the principal extent that distributions otherwise payable to the holders of (and premium, if any) and interest on the Securities shall be paid in fullhave been applied to the payment of Senior Indebtedness. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or on their behalf or by the Trustee, shall, as among Centennial, the CompanyIssuer or any Guarantor, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by Centennial, the Company Issuer or any Guarantor to or on account of the Senior Indebtedness; it being understood that the provisions of this Article are intended solely for the purpose of determining the relative rights of the Holders of Securities, on the one hand, and the holders of Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Obligations in respect of Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of Senior Indebtedness pursuant to the provisions of this Article (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to other indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article 6 to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee Notes would be entitled except for the provisions of this ArticleArticle 6, and no payments over pursuant to the provisions of this Article 6 to the holders of Senior Indebtedness by Holders of the Securities or the TrusteeNotes, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior payment in full of all Senior Indebtedness, the Holders holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities applicable assets of the Corporation to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of (and of, premium, if any) , and interest on the Securities Debentures shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders of the Senior Indebtedness Debentures of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of the Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the CompanyCorporation, its creditors other than the holders of Senior Indebtedness Indebtedness, and the Holders holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company Corporation to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Senior Indebtedness, on the other hand. The Trustees, for themselves and on behalf of each of the Debentureholders, hereby waive any and all rights to require a Senior Creditor to pursue or exhaust any rights or remedies with respect to the Corporation or any property and assets subject to any Senior Security or in any other manner to require the orderly disposition of property, assets or security in connection with the exercise by the Senior Creditors of any rights, remedies or recourses available to them.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness (or the making of provision therefor in money or money's worth), the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any, on) and interest interest, if any, on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities applicable assets of the Corporation to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of (and of, premium, if any) , on and interest on the Securities Debentures shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders of the Senior Indebtedness Debentures of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of the Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the CompanyCorporation, its creditors (other than holders of Senior Indebtedness Indebtedness) and the Holders holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company Corporation to the former holders of the Senior Indebtedness or on account of the repaid Senior Indebtedness. It being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebt- edness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness Senior Indebtedness of the Company to substantially the same extent as the Securities are subordinated and which is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness Indebt- edness until the principal of (and premium, if any) and interest inter- est on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 pay- ments over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full prior Payment In Full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article 13 to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Subordinated Indebtedness shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Subordinated Notes or the Trustee would be entitled except for the provisions of this ArticleArticle 13, and no payments over made pursuant to the provisions of this Article 13 to the holders of Senior Indebtedness by Holders of the Securities Subordinated Notes or the Trustee, shall, as among Alderwoods, the CompanySubsidiary Guarantors, its their creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company Alderwoods or any Subsidiary Guarantor to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. (a) Subject to the payment in full of all Senior Indebtedness, in cash or cash equivalents, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) , and interest interest, if any, on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle Eleven, and no payments over pursuant to the provisions of this Article Eleven to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Obligations due or to become due on or in respect of Senior Indebtedness, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article Seventeen to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 ArticleArticle Seventeen, and no payments over pursuant to the provisions of this Article Seventeen to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the CompanyPartnership, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company Partnership or the Guarantor (if the Securities are Guaranteed Securities) to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities of each series hereunder shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness at the time outstanding to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness; provided, however, that no payment or distribution to any holder or owner of Senior Indebtedness pursuant to this Article IX shall entitle any Holder of Securities to exercise any rights of subrogation in respect thereof until the principal of (and premium, if any) and interest on the Securities all Senior Indebtedness shall be have been paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the TrusteeIX, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Subordinated Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company Issuer which by its express terms is subordinated to indebtedness of the Company Issuer to substantially the same extent as the Subordinated Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Subordinated Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Subordinated 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 Indebtedness by Holders of the Subordinated Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Indebtedness and the Holders of the Subordinated Securities, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or Cash Equivalents of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Subordinated Obligations shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its the Guarantors, their respective creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company or any Guarantor to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities and Coupons shall be subrogated (equally and ratably with the holders of all indebtedness of the Company Trust or the Corporation, as the case may be, which by its express terms is subordinated to indebtedness of the such Company to substantially the same extent as the Securities and Coupons are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities and Coupons shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or Coupons or the Trustee, shall, as among the CompanyTrust or the Corporation, as the case may be, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the such Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company or any Subsidiary Guarantor which by its express terms is subordinated to indebtedness Senior Indebtedness of the Company or such Subsidiary Guarantor to substantially the same extent as the Securities Notes or the Subsidiary Guarantees are subordinated and which is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its the Subsidiary Guarantors, their respective creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company or any Subsidiary Guarantor to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash of all Senior Indebtedness, the Holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities Debentures are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Debentures 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 Indebtedness by Holders of the Securities Debentures or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full The rights of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest (including Additional Sums) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company Senior Indebtedness to substantially the same extent as the Securities are so subordinated and which is entitled to like rights of subrogationsubrogation as a result of the payments made to the holders of Senior Indebtedness) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest all amounts owing on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness by or on behalf of any cash, property the Company or securities to which by or on behalf of 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 by virtue of this Article which otherwise would have been made to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the CompanyIssuer, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company Issuer to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities or any Coupons shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article Seventeen to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and or securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and or interest on the Securities or any Coupons shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle Seventeen, and no payments over pursuant to the provisions of this Article Seventeen to the Company or to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesSecurities or Coupons, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this ArticleArticle 11, and no payments over pursuant to the provisions of this Article 11 to the holders of Senior Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the CompanyIssuers, its their creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company Issuers to or on account of the Senior Indebtedness. If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article 11 shall have been applied, pursuant to the provisions of this Article 11, to the payment of all amounts payable under the Senior Indebtedness of the Issuers, then and in such case the Holders 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 such Senior Indebtedness in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Indebtedness in full in cash.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all amounts due or to become due on or in respect of Senior Indebtedness, or the provision for such payment in cash or Cash Equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article Four (equally and ratably with the holders of all indebtedness Indebtedness of the Company Corporation which by its express terms is subordinated to indebtedness Indebtedness of the Company Corporation to substantially the same extent as the Securities Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this ArticleArticle Four, and no payments over pursuant to the provisions of this Article Four to the holders of Senior Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the CompanyCorporation, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company Corporation to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness (or the making of provision therefor in money or money's worth), the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any, on) and interest interest, if any, on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle 15, and no payments over pursuant to the provisions of this Article 15 to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or Cash Equivalents of all Senior Indebtedness, the Holders holders of the Securities Subordinated Indebtedness shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any, on) and interest on the Securities Subordinated Indebtedness shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders holders of the Securities Subordinated Indebtedness or the Trustee would be entitled except for the provisions of in this Article, and no payments over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders holders of the SecuritiesSubordinated Indebtedness, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders Holders of all indebtedness Indebtedness of the Company which that by its express terms is subordinated in right of payment to indebtedness of the Company Senior Indebtedness to substantially the same extent as the Securities Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of of, premium (and premium, if any) and interest on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders Holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes or the Trustee would be entitled except for the provisions of this ArticleArticle 6, and no payments over pursuant to the provisions of this Article 6 to the holders of Senior Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities assets of the Company applicable to the such Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Notes shall be paid in full. For purposes of such subrogation, no none of the payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders holders of the Securities Notes or the Trustee would be entitled except for the provisions of this ArticleArticle Twelve, and no or of payments over pursuant to the provisions of this Article Twelve to the holders of Senior Indebtedness by Holders holders of the Securities Notes or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article Twelve 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 to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes 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 Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article (equally and ratably with the holders of all Existing Subordinated Indebtedness and all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities or the Existing Subordinated Indebtedness are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all amounts due on or in respect of Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to other indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness. Section 1206.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company Senior Indebtedness to substantially the same extent as the Securities Notes are so subordinated and which is entitled to like rights of subrogationsubrogation as a result of the payments made to the holders of Senior Indebtedness) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities Notes applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest all amounts owing on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness by or on behalf of any cash, property the Company or securities to which by or on behalf of 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 by virtue of this Article which otherwise would have been made to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes 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 Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, and until the Securities are paid in full, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is 71 65 subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until to the principal extent that payments and distributions otherwise payable to Holders of (and premium, if any) and interest on Securities have been applied to the Securities shall be paid in fullpayment of Senior Indebtedness as provided by this Article XII. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled entitled, except for the provisions of this ArticleArticle XII, and no payments over pursuant to the provisions of this Article XII to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all amounts due or to become due on or in respect of Senior Indebtedness, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full prior Payment In Full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) this Article 13 to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Subordinated Indebtedness shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Subordinated Notes or the Trustee would be entitled except for the provisions of this ArticleArticle 13, and no payments over pursuant to the provisions of this Article 13 to the holders of Senior Indebtedness by Holders of the Securities Subordinated Notes or the Trustee, shall, as among LGII, the CompanySubsidiary Guarantors, its their creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company LGII or any Subsidiary Guarantor to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness of the Company as provided herein, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness that Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationthis Article X) to the rights of the holders of such that Senior Indebtedness to receive payments and or distributions of cash, property and securities assets of the Company applicable to the that Senior Indebtedness until the principal of (and premium, if any) and interest all amounts owing on the Securities shall be paid in full. For purposes the purpose of such that subrogation, no such payments or distributions to the holders of the that Senior Indebtedness by the Company, or by or on behalf 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 by virtue of this Article X, which otherwise would have been made to the holders of Senior Indebtedness by those Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than the holders of Senior Indebtedness of the Company and those Holders, be deemed to be payment by the Company or on account of that Senior Indebtedness, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, be deemed to be a on the one hand, and the holders of that Senior Indebtedness, on the other hand. If any payment or distribution by to which the Company to or on account Holders of the Senior Indebtedness.Securities would otherwise have been entitled but for the provisions of this Article X shall have been applied,

Subrogation to Rights of Holders of Senior Indebtedness. Subject to Only after the payment in full in cash or Cash Equivalents of all amounts due or to become due on or in respect of Senior IndebtednessIndebtedness of the Company and, unless the holders of Senior Indebtedness shall have the ability to terminate such commitments, the termination of all commitments in respect thereof, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the such Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness of the Company of any cash, property or securities to which the Holders of the Securities Notes or the Trustee on their behalf would be entitled except for the provisions of this ArticleARTICLE 11, and no payments over pursuant to the provisions of this Article ARTICLE 11 to the holders of Senior Indebtedness by Holders of the Securities Notes or the TrusteeTrustee on their behalf, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior IndebtednessIndebtedness of the Company.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior payment in full of all the Senior Indebtedness, the Holders holders of the Securities Debentures shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such the Senior Indebtedness to receive payments and or distributions of cash, property and securities applicable assets of the Corporation to the Senior Indebtedness extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of (and of, premium, if any) , and interest on the Securities Debentures shall be paid in full. For purposes of , and no such subrogation, no payments or distributions to the holders of the Senior Indebtedness Debentures of any cash, property or securities to securities, which the Holders of the Securities or the Trustee otherwise would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article payable or distributable to the holders of the Senior Indebtedness by Holders of the Securities or the TrusteeIndebtedness, shall, as among between the CompanyCorporation, its creditors other than the holders of the Senior Indebtedness Indebtedness, and the Holders holders of the SecuritiesDebentures, be deemed to be a payment or distribution by the Company Corporation to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of the Senior Indebtedness, on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Notes 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 Indebtedness by Holders of the Securities Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities assets of the Company applicable to the such Senior Indebtedness until the principal of (and premium, if any) Principal and interest on the Securities shall be paid in full. For purposes of such subrogation, no none of the payments or distributions to the holders of the Senior Indebtedness 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 ArticleArticle XIII, and no or of payments over pursuant to the provisions of this Article XIII to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, Trustee shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness; it being understood that the provisions of this Article XIII are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness on the other hand.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company Senior Indebtedness to substantially the same extent as the Securities are so subordinated and which is entitled to like rights of subrogationsubrogation as a result of the payments made to the holders of Senior Indebtedness) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest all amounts owing on the Securities shall be paid in full. For purposes of such subrogation, no payments payment or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders or on behalf of the Securities Company or by or on behalf of the Trustee, Holders by virtue of this Article which otherwise would have been made to the Holders shall, as among between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed decreed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with to the extent of the payments or distributions made to the holders of all indebtedness such Senior Indebtedness pursuant to the provisions of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogationthis Article Fourteen) to the rights of the holders of such Senior Indebtedness to receive payments and or distributions of cash, property and securities from the Company applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 ArticleArticle Fourteen, and no payments over pursuant to the provisions of this Article Fourteen to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject ------------------------------------------------------- to the payment in full of all Senior Indebtedness, the Holders holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities Notes and all other amounts payable under this Agreement shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders holders of the Securities or the Trustee Notes would be entitled except for the provisions of this Articlesection 10, and no payments over pursuant to the provisions of this Article section 10 to the holders of Senior Indebtedness by Holders the holders of the Securities or the TrusteeNotes, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders holders of the SecuritiesNotes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 9 (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated not Senior Indebtedness and which is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if 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 the Senior Indebtedness 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 ArticleArticle 9, and no payments over pursuant to the provisions of this Article 9 to the holders of Senior Indebtedness by Holders of the Securities or the TrusteeHolders, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 10 (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated not Senior Indebtedness and which is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premiumPrincipal or repurchase price, if any) , of and interest on the Securities Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and 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 the Senior Indebtedness 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 Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full in cash or cash equivalents of all Senior Indebtedness, the Holders of the Securities Senior Subordinated Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest on the Securities Senior Subordinated Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Senior Subordinated Notes or the Trustee would be entitled except for the provisions of this ArticleArticle Eight, and no payments over pursuant to the provisions of this Article Eight to the holders of Senior Indebtedness by Holders of the Securities Senior Subordinated Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the SecuritiesSenior Subordinated Notes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness and the occurrence of a Consolidation Event, the Holders of the Securities Notes shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if 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 the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee Notes would be entitled except for the provisions of this ArticleArticle X, and no payments over pursuant to the provisions of this Article X to the holders of Senior Indebtedness by Holders of the Securities or the TrusteeNotes, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the SecuritiesHolders, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.