Common use of Subrogation to Senior Indebtedness Clause in Contracts

Subrogation to Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness in accordance with the terms thereof, the holders of the Debentures and the Trustee for the benefit of such holders shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distribution of assets of the Company applicable to such Senior Indebtedness, to the extent of the application thereto of moneys or other assets which would have been received by the holders of Debentures or by the Trustee for the benefit of such holders but for the provisions of this Article 6, until the principal of and interest on the Debentures shall be paid in full; it being understood that the provisions of this Article 6 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, and nothing in this Article 6 or elsewhere in this Indenture or in the Debentur es is intended or shall impair the obligation of the Company, which is unconditional and absolute, to pay to the holders of the Debentures the principal of and interest on the Debentures as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the holders of the Debentures and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or in the Debentures prevent the Trustee or the holder of any Debenture from exercising all remedies otherwise permitted by this Indenture or, except as is expressly limited hereby or by the Debentures, by applicable law upon default under the Debentures or this Indenture, subject in any event, to the rights, if any, under this Article 6 of the holders of Senior Indebtedness in respect of any payment or distribution of cash, property or securities of the Company received upon the exercise of any such remedy.

Subrogation to Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness in accordance with the terms thereof, the holders of the Debentures and the Trustee for the benefit of such holders shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distribution of assets of the Company applicable to such Senior Indebtedness, to the extent of the application thereto of moneys or other assets which would have been received by the holders of Debentures or by the Trustee for the benefit of such holders but for the provisions of this Article 6, until the principal of and interest on the Debentures shall be paid in full; it being understood that the provisions of this Article 6 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, and nothing in this Article 6 or elsewhere in this Indenture or in the Debentur es Debentures is intended or shall impair the obligation of the Company, which is unconditional and absolute, to pay to the holders of the Debentures the principal of and interest on the Debentures as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the holders of the Debentures and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or in the Debentures prevent the Trustee or the holder of any Debenture from exercising all remedies otherwise permitted by this Indenture or, except as is expressly limited hereby or by the Debentures, by applicable law upon default under the Debentures or this Indenture, subject in any event, to the rights, if any, under this Article 6 of the holders of Senior Indebtedness in respect of any payment or distribution of cash, property or securities of the Company received upon the exercise of any such remedy.