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

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

Subrogation to Rights of Holders of Senior Obligations. Subject A. The parties acknowledge and agree that, as set forth herein and in the other Subordinated Debt Documents, the security interests, liens and pledges which have been or hereafter may be granted by the Corporation to the payment City are and shall be junior in full priority to all security interests, liens and pledges which have been or hereafter may be granted by the Corporation to the Senior Lenders or Agent thereof to secure any of all amounts due or to become due on all the Senior Obligations. Accordingly, the City shall not be entitled to any subrogation in respect of any payment made on or in respect of any Senior Obligations from proceeds of any Collateral, unless it shall be determined by a court of proper authority that, notwithstanding the provisions of this Loan Agreement and the other Subordinated Debt Documents, the interests of the City in any Collateral shall be pari passu with, or senior to, the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to interests of the holders of Senior ObligationsObligations in the same Collateral, in which case, the Holders provisions of subsection 11.4(B) below shall apply. B. After all amounts payable under or in respect of Senior Obligations have been paid in full, the holders of the Securities Subordinated Debt shall be subrogated subrogated, to the extent of the payments or distributions made to the holders of such Senior Obligations pursuant to the provisions of this Article XII (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to Senior Obligations of the Company to substantially the same extent as the Securities are subordinated to the Senior Obligations and is entitled to like rights of subrogation by reason of any payments or distributions (if any) made to the holders of of, or otherwise applied to payment of, such Senior Obligations) Obligations solely by reason of the provision of this Section 11, to the any rights of the holders of such Senior Obligations to receive payments and distributions distribution of cash, securities and other property and securities applicable to the Senior Obligations Obligations, if any, until the principal of and any premium and interest (including any Additional Interest) on the Securities Subordinated Debt shall be have been paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Obligations of any cash, securities or other property or securities to which the Holders holders of the Securities or the Trustee Subordinated Debt would be entitled entitled, except for the provisions of this Article XIISection 11, and no payments made pursuant to the provisions of this Article XII Section 11, to the holders of the Senior Obligations by Holders the holders of the Securities or the TrusteeSubordinated Debt, shall, as among the Company, its creditors other than holders of Senior Obligation, and the Holders of the Securities, shall be deemed to be a payment or distribution by the Company Corporation or such Person to or on account of the Senior Obligations, it being understood and agreed that the provisions of this Section 11 are solely for the purpose of defining the relative rights of the holders of the Senior Obligations on the one hand, and the City on the other hand. A release of any claim by any holder of Senior Obligations shall not, as between the Corporation and the City, limit the rights of subrogation of the holders of Subordinated Debt under this subsection 11.4.