Common use of Right of Payment Clause in Contracts

Right of Payment. The Notes shall be senior secured obligations of the Issuer and each Guaranty shall be the senior secured obligation of the applicable Guarantor. From and after the issuance date of the New Notes, the New Notes and the Notes shall rank pari passu in right of payment, and the Guaranty of the Notes by each Guarantor shall rank pari passu with the New Guaranty of the New Notes by such Guarantor.

Right of Payment. The Notes shall be senior secured obligations of the Issuer and each Guaranty shall be the senior secured obligation of the applicable Guarantor. From and after the issuance date of the New Notes, the New The Notes and the Existing Senior Secured Notes shall rank pari passu in right of payment, and the Guaranty of the Notes by each Guarantor shall rank pari passu with the New Guaranty "Guaranty" (as such term is defined in the Purchase Agreement) of the New Existing Senior Secured Notes by such Guarantor.