Common use of Subordination of Guaranty Clause in Contracts

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 Obligations of each a Guarantor under its Guaranty pursuant to this Article 11 Thirteen 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 senior debt of the CompanyGuarantor. 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 a Guarantor only at such times as they may receive and/or retain payments in respect of the Notes Securities pursuant to this Indenture, including Article 10 Thirteen hereof.