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 prior payment in full of all Senior Indebtedness, the Holder shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of the Corporation to the extent of the application thereto of such payments or other assets which would have been received by the Holder but for the provisions hereof until the principal of, premium, if any, and interest on the Debenture shall be paid in full, and no such payments or distributions to the Holder of cash, property or securities, which otherwise would be payable or distributable to the holders of the Senior Indebtedness, shall, as between the Corporation, its creditors other than the holders of Senior Indebtedness, and the Holder, be deemed to be a payment by the Corporation to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article VIII are and are intended solely for the purpose of defining the relative rights of the Holder, on the one hand, and the holders of Senior Indebtedness, on the other hand. Holder 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 prior payment in full of all Senior IndebtednessCreditors, the Holder Debentureholders shall be subrogated to the rights of the holders of Senior Indebtedness Creditors to receive payments or distributions of assets of the Corporation Trust to the extent of the application thereto of such payments or other assets which would have been received by the Holder Debentureholders but for the provisions hereof until the principal of, premium, if any, of and interest on the Debenture Debentures shall be paid in full, and no such payments or distributions to the Holder Debentureholders of cash, property or securities, which otherwise would be payable or distributable to the holders of the Senior IndebtednessCreditors, shall, as between the CorporationTrust, its creditors other than the holders of Senior IndebtednessCreditors, and the HolderDebentureholders, be deemed to be a payment by the Corporation Trust to the holders of the Senior Indebtedness Creditors or on account of the Senior Indebtedness, it being understood that the provisions of this Article VIII 5 are and are intended solely for the purpose of defining the relative rights of the HolderDebentureholders, on the one hand, and the holders of Senior IndebtednessCreditors, on the other hand. Holder The Debenture 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 Trust or any property and assets subject to any the 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 prior payment in full of all Senior IndebtednessCreditors, the Holder Debentureholders shall be subrogated to the rights of the holders of Senior Indebtedness Creditors to receive payments or distributions of assets of the Corporation Trust to the extent of the application thereto of such payments or other assets which would have been received by the Holder Debentureholders but for the provisions hereof until the principal of, premium, if any, of and interest on the Debenture Debentures shall be paid in full, and no such payments or distributions to the Holder Debentureholders of cash, property or securities, which otherwise would be payable or distributable to the holders of the Senior IndebtednessCreditors, shall, as between the CorporationTrust, its creditors other than the holders of Senior IndebtednessCreditors, and the HolderDebentureholders, be deemed to be a payment by the Corporation Trust to the holders of the Senior Indebtedness Creditors or on account of the Senior Indebtedness, it being understood that the provisions of this Article VIII are and 5 are intended solely for the purpose of defining the relative rights of the HolderDebentureholders, on the one hand, and the holders of Senior IndebtednessCreditors, on the other hand. Holder The Debenture 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 Trust or any property and assets subject to any the 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 prior payment in full of all Senior IndebtednessCreditors, the Holder Debentureholders shall be subrogated to the rights of the holders of Senior Indebtedness Creditors to receive payments or distributions of assets of the Corporation Trust to the extent of extentof the application thereto of such payments or other assets which would have been received by the Holder Debentureholders but for the provisions hereof until the principal of, premium, if any, of and interest on the Debenture Debentures shall be paid in full, and no such payments or distributions to the Holder Debentureholders of cash, property or securities, which otherwise would be payable or distributable to the holders of the Senior IndebtednessCreditors, shall, as between the CorporationTrust, its creditors other than the holders of Senior IndebtednessCreditors, and the HolderDebentureholders, be deemed to be a payment by the Corporation Trust to the holders of the Senior Indebtedness Creditors or on account of the Senior Indebtedness, it being understood that the provisions of this Article VIII are and 5 are intended solely for the purpose of defining the relative rights of the HolderDebentureholders, on the one hand, and the holders of Senior IndebtednessCreditors, on the other hand. Holder The Debenture 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 Trust or any property and assets subject to any the 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 prior payment in full of all Senior IndebtednessCreditors, the Holder Debentureholders shall be subrogated to the rights of the holders of Senior Indebtedness Creditors to receive payments or distributions of assets of the Corporation Trust to the extent of the application thereto of such payments or other assets which would have been received by the Holder Debentureholders but for the provisions hereof until the principal of, premium, if any, of and interest on the Debenture Debentures shall be paid in full, and no such payments or distributions to the Holder Debentureholders of cash, property or securities, which otherwise would be payable or distributable to the holders of the Senior IndebtednessCreditors, shall, as between the CorporationTrust, its creditors other than the holders of Senior IndebtednessCreditors, and the HolderDebentureholders, be deemed to be a payment by the Corporation Trust to the holders of the Senior Indebtedness Creditors or on account of the Senior Indebtedness, it being understood that the provisions of this Article VIII 5 are and are intended solely intendedsolely for the purpose of defining the relative rights of the HolderDebentureholders, on the one hand, and the holders of Senior IndebtednessCreditors, on the other hand. Holder The Debenture 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 Trust or any property and assets subject to any the 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.