Ranking of Guarantee. Notwithstanding anything to the contrary in this Guarantee, the obligations of the Guarantor hereunder are subordinate to all Senior Guarantor Obligations and rank pari passu with all Pari Passu Guarantor Obligations on a pro rata basis.
Ranking of Guarantee. The Guarantor covenants and agrees, and each Holder of a Note by his acceptance thereof likewise covenants and agrees, that the Guarantee will be an unsecured senior obligation of the Guarantor ranking pari passu in right of payment with all other existing and future Senior Debt of the Company and senior in right of payment to any future Debt of the Guarantor that is expressly subordinated to Senior Debt of the Company. The Guarantee, however, will be effectively subordinated to secured Senior Debt of the Company with respect to any assets of the Guarantor securing such Debt.
Ranking of Guarantee. The Guarantee issued by any Guarantor shall be a senior obligation of such Guarantor. The Guarantees shall: (a) rank equally in right of payment with all existing and future Senior Indebtedness of the Guarantor, (b) be senior in right of payment to all existing and future Subordinated Indebtedness of each Guarantor, (c) be effectively subordinated to any secured Indebtedness of each Guarantor as to the assets security such Indebtedness, and (d) be expressly subordinated to Designated First Lien Indebtedness as described in Article Fifteen and (e) be structurally subordinated to Indebtedness and other liabilities of Subsidiaries of such Guarantor that do not Guarantee the Notes.
Ranking of Guarantee. The obligations of the Parent Guarantor under this Guarantee will be a general unsecured obligation of the Parent Guarantor, will be equal in right of payment with any existing and future senior unsecured Indebtedness of the Parent Guarantor and will be senior in right of payment to any existing or future subordinated Indebtedness of the Parent Guarantor.
Ranking of Guarantee. The Guarantee issued by any Subsidiary Guarantor shall be a senior obligation of such Subsidiary Guarantor and will be secured by a first-priority lien on the Collateral owned by such Subsidiary Guarantor. The Guarantees shall: (a) rank equally in right of payment with all existing and future Senior Indebtedness of the Subsidiary Guarantor, (b) be senior in right of payment to all existing and future Subordinated Indebtedness of each Subsidiary Guarantor, and (c) be structurally subordinated to Indebtedness and other liabilities of Subsidiaries of such Subsidiary Guarantor that do not Guarantee the Notes.
Ranking of Guarantee. Each Guarantor covenants and agrees, and each Holder of a Security by his acceptance thereof likewise covenants and agrees, that each Guarantee will be an unsecured senior obligation of the Guarantor issuing such Guarantee, ranking pari passu in right of payment with all other existing and future Guarantor Senior Indebtedness.
Ranking of Guarantee. The Guarantee of each Guarantor (i) is a general obligation of such Guarantor; (ii) is effectively subordinated to secured obligations of such Guarantor, to the extent of the value of the assets serving as security therefor; (iii) is senior in right of payment to all future obligations of such Guarantor expressly subordinated in right of payment to such Guarantee; and (iv) ranks at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness of such Guarantor (subject to any priority rights of such unsubordinated Indebtedness pursuant to applicable law). Pursuant to the Security Documents entered into by the Company and the Subsidiary Pledgors, as set forth in Section 17 of the Note and subject to the limitations described therein, the Guarantee of each Subsidiary Pledgor (i) is entitled to the benefit of a security interest in the Collateral (subject to any Permitted Liens pledged by such Subsidiary Pledgor; and (ii) ranks effectively senior in right of payment to the unsecured obligations of such Subsidiary Pledgor with respect to the value of the Collateral securing such Guarantee (subject to any priority rights of such unsecured obligations pursuant to applicable law).
Ranking of Guarantee. Each Holder of Securities issued hereunder agrees that the payment by the Guarantor pursuant to the Guarantee with respect to all Securities of each series issued hereunder, shall rank in right of payment pari passu with all similar guarantee agreements issued by the Guarantor as senior, unsecured obligations.
Ranking of Guarantee. The Guarantee issued by any Guarantor shall be a senior obligation of such Guarantor and will be secured by a first-priority lien on the Notes Priority Collateral (subject to Permitted Liens) and a second-priority lien on the ABL Priority Collateral owned by such Guarantor (subject to the first-priority security interest securing the Credit Agreement and other Permitted Liens). The Guarantees shall: (a) rank equally in right of payment with all existing and future senior Indebtedness of the Guarantor, (b) be senior in right of payment to all existing and future Subordinated Indebtedness of each Guarantor, (c) be effectively senior to the guarantee of the Credit Agreement by such Guarantor to the extent of the value of the Collateral owned by such Guarantor, (d) be effectively subordinated to the guarantee of such Guarantor under the Credit Agreement to the extent of the value of the ABL Priority Collateral owned by such Guarantor and (e) be structurally subordinated to Indebtedness and other liabilities of Subsidiaries of such Guarantor that do not Guarantee the Notes.
Ranking of Guarantee. The Guarantee issued by any Guarantor shall be a senior obligation of such Guarantor and will be secured by a second-priority lien on the Collateral owned by such Guarantor (subject to the first-priority security interest securing the ABL Facility and other Permitted Liens). The Guarantees shall: (a) rank equally in right of payment with all existing and future senior Indebtedness of each Guarantor, (b) be senior in right of payment to all existing and future Subordinated Indebtedness of each Guarantor, (c) be effectively subordinated (on a lien priority basis) to the guarantee of such Guarantor under the ABL Facility to the extent of the value of the Collateral owned by such Guarantor and (d) be structurally subordinated to Indebtedness and other liabilities and preferred stock of Subsidiaries of such Guarantor that do not Guarantee the Notes.
