Common use of Payments Notwithstanding Clause in Contracts

Payments Notwithstanding. No payment or distribution of any character, whether in cash, securities or other property, to which Subordinated Creditors would have been entitled except for the provisions of this Article Twelve and that shall have been made to or for the account of any Senior Creditor shall, as between any Subordinated Subsidiary Guarantor and its creditors (other than Senior Creditors), be deemed to be a payment or distribution by such Subordinated Subsidiary Guarantor to or for the account of any Senior Creditor, and from and after the full and final payment in cash and performance of the Obligations under the Senior Loan Documents (excluding any contingent indemnification obligations not yet due and payable and as to which no claim or demand for payment has occurred) and the termination of Senior Creditors’ obligations to make extensions of credit to the Borrowers under the Senior Loan Agreement, Subordinated Creditors shall be subrogated to all rights of Senior Creditors to receive any further payments or distribution applicable to the Designated Senior Debt until the principal of and interest on the Subordinated Debt shall be paid in full, and no such payment or distribution made pursuant to such rights of subrogation to Subordinated Creditors that otherwise would be payable or distributable to or for the account of Senior Creditors shall, as between any Subordinated Subsidiary Guarantor and its creditors (other than Subordinated Creditors), be deemed to be a payment or distribution by such Subordinated Subsidiary Guarantor to Subordinated Creditors or on account of the Subordinated Debt.

Payments Notwithstanding. No payment or distribution of any character, whether in cash, securities or other property, to which Subordinated Creditors would have been entitled except for the provisions of this Article Twelve Eleven and that shall have been made to or for the account of any Senior Creditor shall, as between any Subordinated Subsidiary Guarantor and its creditors (other than Senior Creditors), be deemed to be a payment or distribution by such Subordinated Subsidiary Guarantor to or for the account of any Senior Creditor, and from and after the full and final payment in cash and performance of the Obligations under the Senior Loan Documents (excluding any contingent indemnification obligations not yet due and payable and as to which no claim or demand for payment has occurred) and the termination of Senior Creditors’ obligations to make extensions of credit to the Borrowers under the Senior Loan Agreement, Subordinated Creditors shall be subrogated to all rights of Senior Creditors to receive any further payments or distribution applicable to the Designated Senior Debt until the principal of and interest on the Subordinated Debt shall be paid in full, and no such payment or distribution made pursuant to such rights of subrogation to Subordinated Creditors that otherwise would be payable or distributable to or for the account of Senior Creditors shall, as between any Subordinated Subsidiary Guarantor and its creditors (other than Subordinated Creditors), be deemed to be a payment or distribution by such Subordinated Subsidiary Guarantor to Subordinated Creditors or on account of the Subordinated Debt.

Payments Notwithstanding. No payment or distribution of any character, whether in cash, securities or other property, to which Subordinated Creditors would have been entitled except for the provisions of this Article Twelve Section 3 and that shall have been made to or for the account of any Senior Creditor shall, as between any Subordinated Subsidiary Guarantor and its creditors (other than Senior Creditors), be deemed to be a payment or distribution by such Subordinated Subsidiary Guarantor to or for the account of any Senior Creditor, and from and after the full and final payment in cash and performance of the Obligations obligations under the Senior Loan Notes Documents (excluding any contingent indemnification obligations not yet due and payable and as to which no claim or demand for payment has occurred) and the termination of Senior Creditors’ obligations to make extensions of credit to the Borrowers under the Senior Loan Agreement), Subordinated Creditors shall be subrogated to all rights of Senior Creditors to receive any further payments or distribution applicable to the Designated Senior Debt until the principal of and interest on the Subordinated Debt shall be paid in full, and no such payment or distribution made pursuant to such rights of subrogation to Subordinated Creditors that otherwise would be payable or distributable to or for the account of Senior Creditors shall, as between any Subordinated Subsidiary Guarantor and its creditors (other than Subordinated Creditors), be deemed to be a payment or distribution by such Subordinated Subsidiary Guarantor to Subordinated Creditors or on account of the Subordinated Debt.