Common use of Subordination of Guarantees Clause in Contracts

Subordination of Guarantees. The obligations of the Guarantor under its Guarantee pursuant to this Article XIV will be junior and subordinated to the Senior Indebtedness of the Guarantor on the same basis as the Securities of any series are junior and subordinated to Senior Indebtedness of the Issuer. For the purposes of the foregoing sentence, the Trustee and the Holders will 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 the Securities of such series pursuant to this Indenture, including Article XIII hereof.

Subordination of Guarantees. The obligations of the Guarantor under its Guarantee pursuant to this Article XIV will be junior and subordinated to the Senior Indebtedness and Subordinated Indebtedness of the Guarantor on the same basis as the Securities of any series are junior and subordinated to Senior Indebtedness and Subordinated Indebtedness of the Issuer. For the purposes of the foregoing sentence, the Trustee and the Holders will 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 the Securities of such series pursuant to this Indenture, including Article XIII hereof.

Subordination of Guarantees. The obligations of the Guarantor under its Guarantee of a series of Securities pursuant to this Article XIV will be junior and subordinated to the Senior Indebtedness Debt of the Guarantor on the same basis as the Securities of any such series are junior and subordinated to Senior Indebtedness Debt of the Issuer. For the purposes of the foregoing sentence, the Trustee and the Holders will 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 the Securities of such series pursuant to this Indenture, including Article XIII hereof11.