Common use of Guarantees Subordinated to Senior Indebtedness Clause in Contracts

Guarantees Subordinated to Senior Indebtedness. (a) Each Subsidiary Guarantor agrees, and each Holder of Securities by accepting a Security agrees, that any payment in respect of the Subsidiary Guarantee of such Subsidiary Guarantor is subordinated in right of payment, to the extent and in the manner provided in this Article Eighteen, to the prior payment in full in cash of all Senior Indebtedness of such Subsidiary Guarantor (whether outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed), and that the subordination is for the benefit of the holders of Senior Indebtedness.