Common use of Securities Subordinate to Senior Indebtedness Clause in Contracts

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, 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 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 Indebtedness) of all Senior Indebtedness. 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 Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment Obligations in respect of the Indenture Obligations Securities (the "Subordinated Obligations") are hereby expressly made subordinate and postponed to 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 Indebtedness) Cash Equivalents of all Senior Indebtedness. All provisions of this Article Twelve shall be subject to Section 1214. This Article Fourteen 12 shall constitute a continuing offer to all Persons who, in reliance upon such provisionsArticle, become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; , and such holders are made obligees obligee hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. (a) The Company covenants and agrees, and each Holder of a SecurityDebenture, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to Article Four the Base Indenture), the payment of the Indenture Obligations are principal of and interest on each and all of the Debentures is hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. . (b) This Article Fourteen VII shall constitute a continuing offer to all Persons who, in reliance upon such provisions, persons who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. (a) The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to Article Four), the payment of the Indenture Obligations principal of (and premium, if any) and interest on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. . (b) This Article Fourteen Eleven shall constitute a continuing offer to all Persons who, in reliance upon such provisions, who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter herein-after set forth in this ArticleArticle (subject to Article IV), the payment of the Indenture Obligations principal of and interest (including any Additional Interest) on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen XI shall constitute a continuing offer to all Persons who, in reliance upon such provisions, persons who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to Article Four), the payment of the Indenture Obligations principal of and interest on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen Eleven shall constitute a continuing offer to all Persons who, in reliance upon such provisions, persons who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle Ten, the payment of Indebtedness represented by the Indenture Obligations are Securities is hereby expressly made subordinate 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 Indebtedness) Cash Equivalents of all amounts payable under all existing and future Senior IndebtednessIndebtedness of the Company. This Article Fourteen Ten shall constitute a continuing offer to all Persons persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a SecuritySecurities, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle X, the Indebtedness represented by the Securities and the payment of the Indenture Obligations principal of, premium, if any, and interest on the Securities are hereby expressly made subordinate and subject in right of payment as provided in this Article X to the prior payment in full in cash (or Cash 82 -74- Equivalents or, as otherwise agreed acceptable to by the holders of Senior Indebtedness) , in any other manner, of all Senior Indebtedness. This Article Fourteen X shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, of or continue to hold Senior Indebtedness; Indebtedness and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the Indenture Obligations principal of, premium, if any, and interest on, the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. 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 Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.. 109 120

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the Indenture Obligations principal of, premium, if any, and interest on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen Twelve shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to Article Four), the payment of the Indenture Obligations principal of and interest on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This The provisions of 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 Indebtedness; and such provisions Eleven are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a SecuritySecurity of any series, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to Article Four), the payment of the Indenture Obligations principal of and interest on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen Eleven shall constitute a continuing offer to all Persons who, in reliance upon such provisions, persons who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to Article IV), the payment of the Indenture Obligations principal of and interest (including any Additional Interest) on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen XI shall constitute a continuing offer to all Persons who, in reliance upon such provisions, persons who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. The Company Corporation covenants and agrees, and each Holder of a SecuritySecurity of any series, by its such Holder's acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to Article XII), the payment of the Indenture Obligations are principal of and interest on each and all of the Securities is hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen XIII shall constitute a continuing offer to all Persons who, in reliance upon such provisions, persons who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the Indenture Obligations principal of, premium, if any, and interest on, the Securities are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full full, in cash (or Cash Equivalents or, as otherwise agreed acceptable to by the holders of Senior Indebtedness) , in any other manner, of all the Senior Indebtedness. 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 Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the Indenture Obligations principal of, premium, if any, and interest on, the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. 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 Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the Indenture Obligations principal of, premium, if any, and interest on the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen Twelve shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the Indenture Obligations principal of, premium, if any, and interest on, the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. 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 Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce directly such provisions.

Securities Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Security, by its his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter herein-after set forth in this ArticleArticle (subject to Article IV), the payment of the Indenture Obligations principal of and interest (including any Additional Interest) on each and all of the Securities are hereby expressly made subordinate 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 Indebtedness) of all Senior Indebtedness. This Article Fourteen XI shall constitute a continuing offer to all Persons who, in reliance upon such provisions, persons who become holders of, or continue to hold hold, Senior Indebtedness; , and such provisions are made for the benefit of the holders of Senior Indebtedness; Indebtedness and such holders are made obligees hereunder and they any one or each more of them may enforce directly such provisions.. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof. -71-