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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior Indebtedness pursuant to all indebtedness of the provisions of this Article Company) 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 (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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 to the extent of the payments or distributions made to (equally and ratably with the holders of such all indebtedness of the Company which by its express terms is subordinated to Senior Indebtedness pursuant of the Company to the provisions same extent as the Securities are subordinated and which is entitled to like rights of this Article 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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior all Pari Passu Indebtedness pursuant to of the provisions of this Article Company) 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 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 of a series 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 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 the payment in full in cash 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 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 prior payment in full of all Senior Indebtedness, the Holders holders of the Securities Debentures 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 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 Upon 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 (equally and ratably with the holders of such all Indebtedness of the Company that by its express terms is subordinated to Indebtedness of the Company to substantially the same extent as the Securities are subordinated to Senior Indebtedness pursuant to the provisions of this Article 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 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 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 If the Noteholder pays or distributes cash, property or other assets to the Administrative Agent or another holder of Senior Indebtedness, the Noteholder will be subrogated to the rights of the Administrative Agent and/or such other holder of Senior Indebtedness, as applicable, with respect to the value of such payment or distributions; provided, that the Noteholder agrees not to assert or enforce any such rights of subrogation it may acquire as a result of any such payment or distribution until 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 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 such Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee Noteholder would be entitled except for the provisions of this ArticleSection 3, and no payments over pursuant to the provisions of this Article Section 3 to the Administrative Agent, for the benefit of the holders of such Senior Indebtedness Indebtedness, by Holders of the Securities or the Trustee, Noteholder shall, as among the Company, its creditors (other than holders of such Senior Indebtedness Indebtedness) and the Holders of the SecuritiesNoteholder, be deemed to be a payment or distribution by the Company to or on account of the such Senior Indebtedness.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to After the indefeasible payment in full of all Senior Indebtedness, the Holders Holder of the Securities Note shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such all indebtedness of the Maker which by its express terms is subordinated to Senior Indebtedness pursuant of the Maker to the provisions same extent as the Note is subordinated and which is entitled to like rights of this Article 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 Maker applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest all amounts owing on the Securities Note shall be paid in full. For purposes , and for the purpose of such subrogation, no such 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 or on behalf of the Securities Maker or by or on behalf of the Trustee, Holder of the Note by virtue of this Section which otherwise would have been made to the Holder of the Note shall, as among between the Company, its creditors other than holders of Senior Indebtedness Maker and the Holders Holder of the SecuritiesNote, be deemed to be a payment or distribution payments by the Company Maker 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior Indebtedness pursuant all indebtedness of the Company and each Subsidiary Guarantor which by its express terms is subordinated to indebtedness of the provisions Company and each Subsidiary Guarantor to substantially the same extent as the Securities are subordinated and is entitled to like rights of this Article 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 of the Guarantor, the Holders of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness of the Guarantor to receive payments or distributions of assets of the Guarantor (to the 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 Class A Preferred LP Unit Obligations shall be paid in full, and no such payments or distributions made to the Holders of cash, property or securities, which otherwise would be payable or distributable to the holders of such Senior Indebtedness, shall, as between the Guarantor, its creditors (other than the holders of Senior Indebtedness), and the Holders, be deemed to be a payment by the Guarantor to the holders of such Senior Indebtedness pursuant to or on account of such Senior Indebtedness, it being understood that the provisions of this Article to 3 are and are intended solely for the purpose of defining the relative rights of the holders of such Senior Indebtedness to receive payments and distributions of cashHolders, 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 Articleone hand, and no payments over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or Guarantor, on 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 Indebtednesshand.

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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior all Pari Passu Indebtedness pursuant to of the provisions of this Article Company) 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 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 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 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 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 Upon 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 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 in cash 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 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 Debentures 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 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 IndebtednessIndebtedness of the Guarantor, the Holders of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness of the Guarantor to receive payments or distributions of assets of the Guarantor (to the 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 Senior Preferred Share Obligations shall be paid in full, and no such payments or distributions made to Holders of cash, property or securities, which otherwise would be payable or distributable to the holders of such Senior Indebtedness, shall, as between the Guarantor, its creditors (other than the holders of Senior Indebtedness), and the Holders, be deemed to be a payment by the Guarantor to the holders of such Senior Indebtedness pursuant to or on account of such Senior Indebtedness, it being understood that the provisions of this Article to 3 are and are intended solely for the purpose of defining the relative rights of the holders of such Senior Indebtedness to receive payments and distributions of cashHolders, 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 Articleone hand, and no payments over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or Guarantor, on 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 Indebtednesshand.

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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 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 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 is 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 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 holders of the Securities Debentures 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 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 holders of the Securities or the Trustee Debentures would be entitled except for the provisions of this ArticleSection 14, and no payments over pursuant to the provisions of this Article Section 14 to the holders of Senior Indebtedness by Holders holders of the Securities or the Trustee, Debentures 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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, 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 Only after the payment in full in cash or Cash Equivalents of all Obligations due or to become due on or in respect of Senior IndebtednessIndebtedness of the Company and the termination of all commitments in respect thereof, 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 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 or the Trustee Notes would be entitled except for the provisions of this ArticleSection 14, and no payments over pursuant to the provisions of this Article Section 14 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 IndebtednessIndebtedness of the Company.

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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior Indebtedness pursuant all indebtedness of the Company which by its express terms is subordinated to indebtedness of the provisions Company to substantially the same extent as the Debentures are subordinated and is entitled to like rights of this Article 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 prior payment in full of all Senior Indebtedness, the Holders holders of the Securities Debentures 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 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 Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior all Pari Passu Indebtedness pursuant to of the provisions of this Article Company) 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 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 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 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 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 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 (equally and ratably with the holders of such Senior all Pari Passu Indebtedness pursuant to of Centennial, the provisions of this Article Issuer 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 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.

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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 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 Indebtedness, the Holders of the Securities or any Coupons 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 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 the payment in full The rights 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 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 Indebtedness, the Holders holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior all Indebtedness pursuant to of the provisions Company that is pari passu in right of this Article payment with the Notes) 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 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 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 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 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 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 After all amounts payable under or in full respect of all Senior IndebtednessIndebtedness are paid in full, the Holders of the Securities Lender shall be subrogated to the extent of the payments or distributions made to the holders of of, or otherwise applied to payment of, such Senior Indebtedness pursuant to the provisions of this Article VIII, to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, securities and other property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities 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, securities or other property or securities to which the Holders of the Securities or the Trustee Lender would be entitled except for the provisions of this ArticleArticle VIII, and no payments over pursuant to the provisions of this Article VIII to the holders of the 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, Lender shall be deemed to be a payment or distribution by the Company or the Guarantors to or on account of the Senior Indebtedness, it being understood that the provisions of this Article VIII are solely for the purpose of defining the relative rights of the Lender, on the one hand, and the holders of Senior Indebtedness on the other hand. A release of any claim by any holder of Senior Debt shall not, as between the Company, the Guarantors and the Lender, limit the Lender's rights of subrogation under this Section 8.4.

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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior all Pari Passu Indebtedness pursuant to of the provisions of this Article Company) 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 in cash 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 IndebtednessIndebtedness in cash, and until the Debentures are paid in full, the Holders holders of the Securities Debentures shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such all Senior Indebtedness pursuant to the provisions of this Article 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 Debentures 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 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 (a) The rights 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 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 Upon 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 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 or any Coupons 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 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 payment in full of all Senior Indebtedness, the Holders 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 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 prior 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 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. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities of each series hereunder 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 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 of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated to (equally and ratably with the extent Holders of all Indebtedness of the payments or distributions made Company that by its express terms is subordinated in right of payment to the holders of such Senior Indebtedness pursuant to substantially the provisions same extent as the Notes are subordinated and is entitled to like rights of this Article 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 of the Securities shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such all indebtedness of the Company or any Subsidiary Guarantor which by its express terms is subordinated to Senior Indebtedness pursuant of the Company or such Subsidiary Guarantor to the provisions same extent as the Notes or the Subsidiary Guarantees are subordinated and which is entitled to like rights of this Article 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 of all Senior IndebtednessIndebtedness in cash or Cash Equivalents, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such all indebtedness of the Company which by its express terms is subordinated and postponed to Senior Indebtedness pursuant to the provisions same extent as the Securities are subordinated and postponed and which is entitled to like rights of this Article subrogation) to the rights of the holders of such Senior Indebtedness to the extent that payment of Senior Indebtedness has been made under Section 1202 of this Indenture from amounts otherwise payable to Holders of the Securities, to receive payments and distributions of assets of the Company of any kind or character from any source, whether in cash, property and or 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 between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Securities, be or 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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior Indebtedness pursuant all indebtedness of the Issuer which by its express terms is subordinated to indebtedness of the provisions Issuer to substantially the same extent as the Subordinated Securities are subordinated and is entitled to like rights of this Article 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 of all Senior Indebtedness, the Holders of the Securities Notes shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior Indebtedness pursuant all indebtedness of the Company which by its express terms is subordinated to indebtedness of the provisions Company to substantially the same extent as the Notes are subordinated and is entitled to like rights of this Article 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 and Coupons shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of all indebtedness of the Trust or the Corporation, as the case may be, which by its express terms is subordinated to indebtedness of such Senior Indebtedness pursuant Company to substantially the provisions same extent as the Securities and Coupons are subordinated and is entitled to like rights of this Article 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 The rights 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 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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, 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 IndebtednessIndebtedness in cash or Cash Equivalents, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior all pari passu Indebtedness pursuant to of the provisions of this Article Company) 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 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 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 are intended solely for the purpose of determining the relative rights of the Holders of the 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 Senior IndebtednessIndebt- edness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such all indebtedness of the Company which by its express terms is subordinated to Senior Indebtedness pursuant of the Company to the provisions same extent as the Securities are subordinated and which is entitled to like rights of this Article 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 of all Senior IndebtednessIndebtedness (or the making of provision therefor in money or money's worth), 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 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 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 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 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 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 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 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 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 Company or to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, 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 IndebtednessSecurities.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the payment in full of all Senior IndebtednessIndebtedness in cash, and until the Notes are paid in full, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to (equally and ratably with the holders of such all other Senior Indebtedness pursuant to the provisions of this Article 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 have been applied to the payment of (and premium, if any) and interest on the Securities shall be paid in fullSenior Indebtedness as provided by this Article 16. 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 16, and no payments over pursuant to the provisions of this Article 16 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 SecuritiesHolders, be deemed to be a payment or distribution by the Company to or on account of the Senior IndebtednessNotes.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to Upon the payment in full of all Senior IndebtednessIndebtedness and until the Notes are paid in full, 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 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 all amounts due to be paid under 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 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 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 IndebtednessIndebtedness of the Company as provided herein, 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 ARTICLE THIRTEEN) 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 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 subrogation, no such payments or distributions to the holders of the such 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 by virtue of this ArticleARTICLE THIRTEEN, and no payments over pursuant which otherwise would have been made to the provisions of this Article to the holders of Senior Indebtedness by such Holders of the Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness Company and the Holders of the Securitiessuch Holders, be deemed to be a payment or distribution by the Company to or on account of the such Senior Indebtedness., it being understood that the provisions of this

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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior all pari passu Indebtedness pursuant to of the provisions of this Article Company) 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 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. (a) Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent that any payment or distribution of assets of the payments or distributions made Corporation otherwise payable to the holders Debenture Trustee on account of such the Debentureholders is made on account of the Senior Indebtedness pursuant to the provisions application of this Article Section 5.2, the Debentureholders shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cashassets of the Corporation made in respect of or on account of Senior Indebtedness, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest on the Securities Debentures shall be paid in full. For purposes No payment or distribution of such subrogation, no payments or distributions assets of the Corporation to the holders of the Senior Indebtedness of any cash, property or securities to Debentureholders 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 payable or distributable to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, pursuant to this Article 5 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 of the Company Corporation to or on account of the Debentureholders, 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 Debentureholders, on the one hand, and the holders of the Senior Indebtedness, on the other hand. (b) The Debentures shall be subordinated to claims of creditors of the Corporation’s Subsidiaries, except to the extent the Corporation is a creditor of such Subsidiaries ranking at least pari passu with such other creditors.

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 to the extent of the payments or distributions made to (equally and ratably with the holders of such Senior Indebtedness pursuant all indebtedness of the Company which by its express terms is subordinated to indebtedness of the provisions Company to substantially the same extent as the Notes are subordinated and is entitled to like rights of this Article 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 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 to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of 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 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 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 XI 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 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 XI, and no payments over pursuant to the provisions of this Article XI to the Company or to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, 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 IndebtednessSecurities.

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 (to the extent of the payments or distributions made to the holders of such that Senior Indebtedness pursuant to the provisions of this 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 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 (equally and ratably with the holders of such all indebtedness of the Company which by its express terms is subordinated to Senior Indebtedness pursuant of the Company to the provisions same extent as the Securities are subordinated and which is entitled to like rights of this Article 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 prior 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 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 Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such 106 Senior Indebtedness pursuant to the provisions of 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. (a) Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent that any payment or distribution of assets of the payments or distributions made Corporation otherwise payable to the holders Trustee on account of such the Debentureholders is made on account of the Senior Indebtedness pursuant to the provisions application of this Article Section 5.2, the Debentureholders shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cashassets of the Corporation made in respect of or on account of Senior Indebtedness, property and securities applicable to the Senior Indebtedness until the principal of (and of, premium, if any) , and interest on the Securities Debentures shall be paid in full. For purposes No payment or distribution of such subrogation, no payments or distributions assets of the Corporation to the holders of the Senior Indebtedness of any cash, property or securities to Debentureholders 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 payable or distributable to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, pursuant to this Article 5 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 of the Company Corporation to or on account of the Debentureholders, 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 Debentureholders, on the one hand, and the holders of the Senior Indebtedness, on the other hand. (b) The Debentures shall be subordinated to claims of creditors of the Corporation’s Subsidiaries, if any, except to the extent the Corporation is a creditor of such Subsidiaries ranking at least pari passu with such other creditors.

Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior payment in full in cash of all Senior Indebtedness, 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 Sixteen (equally and ratably with the holders of all Indebtedness of the Company that is Pari Passu to the Securities) 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 of all Senior Indebtedness, the Holders of the Securities Senior Subordinated 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 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 Article, and no payments over pursuant to the provisions of this Article 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 After the payment in full of all Senior Indebtedness, the Holders of the Subordinated Debt Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to Senior Indebtedness to substantially the same extent as the Subordinated Debt Securities are so subordinated and which is entitled to like rights of subrogation as a result of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article 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 Subordinated Debt 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 or on behalf of the Company or by or on behalf of the Holders of Subordinated Debt Securities by virtue of this Article XII which otherwise would have been made to the Holders of Subordinated Debt Securities or the Trustee, shall, as among between the Company, its creditors other than holders of Senior Indebtedness Indebtedness, and the Holders of the Subordinated Debt 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 After 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 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, 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 of each Guarantor, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness of such Guarantor pursuant to the provisions of 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 of such Guarantor 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 which the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities Guarantor 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 Companysuch Guarantor, its creditors other than holders of its Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company such Guarantor to or on account of the Senior IndebtednessIndebtedness of such Guarantor.

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 (equally and ratably with the holders of such Senior Indebtedness pursuant all indebtedness of the Company which by its express terms is subordinated to indebtedness of the provisions Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of this Article 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 Table of Contents 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 the Senior Indebtedness, the Holders holders of the Securities Debentures 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 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.