Subordination of Guaranty. (a) The Guarantied Obligations shall be subordinated to Senior Debt to the extent set forth in this Section 4.
(b) Upon any payment or distribution of the assets or securities to creditors of Guarantor in a liquidation or dissolution of Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to Guarantor or its property, in an assignment for the benefit of creditors or any marshaling of Guarantor’s assets and liabilities:
(1) holders of Senior Debt will be entitled to receive payment in full in cash of all obligations due in respect of such Senior Debt (including interest after the commencement of any bankruptcy proceeding at the rate specified in the applicable Senior Debt whether or not a claim for such interest would be allowed in such proceeding) before the Holders will be entitled to receive any payment with respect to the Debentures (except that Holders may receive and retain Permitted Junior Securities), as their interests may appear; and
(2) until all obligations with respect to Senior Debt (as provided in clause (1) above) are paid in full in cash, any distribution to which Holders would be entitled but for this Section 4 will be made to holders of Senior Debt (except that Holders may receive and retain Permitted Junior Securities), as their interests may appear.
(c) Guarantor shall not make any payment or distribution to the Trustee or any Holder in respect of the Debentures and shall not acquire from the Trustee or any Holder for cash or property (other than Permitted Junior Securities) any Debenture or other obligation arising under the Indenture until all principal and other obligations with respect to the Senior Debt have been paid in full if:
(1) a payment default on any Senior Debt occurs and is continuing beyond any applicable grace period in the agreement, indenture or other document governing such Senior Debt; or
(2) any other default occurs and is continuing on any series of Senior Debt that permits holders of that Senior Debt to accelerate its maturity and the Guarantor or the Trustee receives a notice of such default (a “Payment Blockage Notice”) from the holders of any Senior Debt or any trustee, agent or other representative thereof. If the Guarantor or the Trustee receives any such Payment Blockage Notice, no subsequent Payment Blockage Notice will be effective for purposes of this Section 4(c) unless and until at least 360 days have elapsed since the effectiveness of the immediately pr...
Subordination of Guaranty. 99 SECTION 14.1. Guaranty Subordinated to Guarantor Senior Debt........................................... 99 SECTION 14.2. Guaranty Subordinated to Prior Payment of All Guarantor Senior Debt on Dissolution, Liquidation, Reorganization, etc. of the Guarantor.................. 99
Subordination of Guaranty. The Guaranty issued by any Guarantor will be unsecured senior subordinated obligations of such Guarantor, ranking pari passu with all other existing and future senior subordinated indebtedness of such Guarantor, if any. The Indebtedness evidenced by such Subsidiary Guarantee will be subordinated on the same basis as the guaranty of any Senior Indebtedness of such Guarantor as the Notes are subordinated to Senior Indebtedness.
Subordination of Guaranty. The Obligations of each Guarantor under its Guaranty pursuant to this Article 11 shall be junior and subordinated to the Senior Debt of such Guarantor on the same basis as the Notes are junior and subordinated to Senior Debt 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 Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Article 10 hereof.
Subordination of Guaranty. The obligation of each Guarantor on ------------------------- this Guaranty is and shall remain subordinate in right of payment to all and any guarantees by each Guarantor on all Senior Debt to the extent and in the manner hereinafter set forth. "Senior Debt" shall mean the principal of and unpaid accrued interest on:
Subordination of Guaranty. 68 ARTICLE XIV MISCELLANEOUS
Subordination of Guaranty. Any Guaranty of the Securities, whether provided by Article XIII or otherwise, shall be subordinated to Guarantor Senior Indebtedness to the extent and in the manner that the Securities are subordinated to Senior Indebtedness of the Company.
Subordination of Guaranty. The Obligations of a Guarantor under its Guaranty pursuant to this Article Thirteen shall be junior and subordinated to the senior debt of the Guarantor. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments by a Guarantor only at such times as they may receive and/or retain payments in respect of the Securities pursuant to this Indenture, including Article Thirteen hereof.
Subordination of Guaranty. 80 Section 11.03. Limitation on Guarantor Liability.. . . . . . . . . . . . .80 Section 11.04. Execution and Delivery of Guaranty. . . . . . . . . . . . .80 Section 11.05. Guarantors May Consolidate, etc., on Certain Terms. . . . .81 Section 11.06. Releases Following Sale of Assets.. . . . . . . . . . . . .81 ARTICLE 12. MISCELLANEOUS. . . . . . . . . . . . . . . . . . . . . . . . .82
Subordination of Guaranty. 83 Section 11.03. Limitation on Guarantor Liability.........................................................83 Section 11.04. Execution and Delivery of Guaranty........................................................83 Section 11.05. Guarantors May Consolidate, etc., on Certain Terms........................................84 Section 11.06. Releases Following Sale of Assets.........................................................85 ARTICLE 12. MISCELLANEOUS.................................................................................85 Section 12.01.
