Common use of Subordination of Guarantees Clause in Contracts

Subordination of Guarantees. The Obligations of each Subsidiary Guarantor under its Subsidiary Guarantee pursuant to this Article X shall be junior and subordinated to the Senior Indebtedness to the extent applicable to such Subsidiary Guarantor on the same basis as the Notes are junior and subordinated to the Senior Indebtedness of the Company. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments by any of the Subsidiary Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Article X hereof.