Common use of Guarantee Subordinate to Senior Debt Clause in Contracts

Guarantee Subordinate to Senior Debt. Each Guarantor covenants and agrees, and each Holder of a Guarantee, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment of the Indenture Obligations are hereby expressly made subordinate and junior and subject in right of payment as provided in this Article to the prior payment in full in cash (or as otherwise agreed to by the holders of Senior Guarantor Debt) of all Senior Guarantor Debt. This Article Fourteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Guarantor Debt; and such provisions are made for the benefit of the holders of Senior Guarantor Debt; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Guarantee Subordinate to Senior Debt. Each Guarantor covenants and agrees, and each Holder of a Guarantee, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment of the Indenture Obligations are hereby expressly made subordinate and junior and subject in right of payment as provided in this Article to the prior payment in full in cash (or as otherwise agreed to by the holders of Senior Guarantor Debt) of all Senior Guarantor Debt. This Article Fourteen Thirteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Guarantor Debt; and such provisions are made for the benefit of the holders of Senior Guarantor Debt; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.