Common use of Priority of Guarantee Clause in Contracts

Priority of Guarantee. Unless otherwise specified pursuant to Section 301 with respect to any series of Securities, and except as provided in the next following sentence, this Guarantee shall be unsecured and unsubordinated obligations of the Guarantor, ranking pari passu with all other existing and future unsubordinated and unsecured indebtedness of the Company and the Guarantor, respectively. With respect to any series of Securities that is designated as subordinated pursuant to Section 301 and except as otherwise provided in a supplemental indenture or pursuant to Section 301, the Guarantee Obligations of the Guarantor hereunder shall be junior and subordinated to any guarantee of any Senior Indebtedness on the same basis as such Securities are junior and subordinated to any Senior Indebtedness. For the purposes of the foregoing sentence, the Trustee and the Holders of such subordinated Securities shall have the right to receive and/or retain payments by the Guarantor only at such times as they may receive and/or retain payments in respect of such Securities pursuant to this Indenture.

Priority of Guarantee. Unless otherwise specified pursuant to Section 301 with respect to any series of Securities, and except as provided in the next following sentence, this Guarantee shall be unsecured and unsubordinated obligations of the each Subsidiary Guarantor, ranking pari passu with all other existing and future unsubordinated and unsecured indebtedness of the Company and the such Subsidiary Guarantor, respectively. With respect to any series of Securities that is designated as subordinated pursuant to Section 301 and except as otherwise provided in a supplemental indenture or pursuant to Section 301, the Subsidiary Guarantee Obligations of the each Subsidiary Guarantor hereunder shall be junior and subordinated to any guarantee of any Senior Indebtedness on the same basis as such Securities are junior and subordinated to any Senior Indebtedness. For the purposes of the foregoing sentence, the Trustee and the Holders of such subordinated Securities shall have the right to receive and/or retain payments by the each Subsidiary Guarantor only at such times as they may receive and/or retain payments in respect of such Securities pursuant to this Indenture.