Subordination of Note Guarantees. The Issuer, the Guarantors and the Trustee may, without notice to or consent of any Holder of Securities, enter into one or more indentures supplemental to this Indenture substantially in the form of Exhibit E hereto, or amend any indenture supplemental to this Indenture entered into by the Issuer, such Guarantor and the Trustee for the purpose of adding an additional Note Guarantee pursuant to Section 908 or Section 913 to provide that the payment obligation on a Note Guarantee of a Guarantor that is an Issuer Restricted Subsidiary be expressly subordinated in any bankruptcy, liquidation or winding up proceeding of such Guarantor to the prior payment in full in cash of all obligations of such Guarantor under any Guarantee of, or obligations under, any Qualified Credit Facility Incurred in accordance with clause (ii) of paragraph (b) of Section 908 of this Indenture and the Existing Secured Notes; provided, however, that (x) the terms of the subordination of a Note Guarantee to any such Guarantee of, or obligation under, a Qualified Credit Facility or the Existing Secured Notes may not eliminate or otherwise adversely affect the subordination of the payment obligation on any other Debt of such Guarantor to the payment obligation of the Note Guarantee of such Guarantor and (y) any Guarantee (other than a Guarantee of such Qualified Credit Facility or the Existing Secured Notes) by such Guarantor of any other Debt of Level 3 Parent also shall be expressly subordinated in any bankruptcy, liquidation or winding up proceeding of such Guarantor to the prior payment in full in cash of all obligations of such Guarantor under its Guarantee of such Qualified Credit Facility and Existing Secured Notes to at least the same extent and on the same terms and conditions as the subordination provisions applicable to such Guarantor’s Note Guarantee.
Subordination of Note Guarantees. The obligations of each Guaranteeing Subsidiary under its Note Guarantee pursuant to this Supplemental Indenture and Article XI of the Indenture shall be junior and subordinated to the Guarantor Senior Indebtedness of such Guaranteeing Subsidiary on the same basis as the Notes are junior and subordinated to Senior Indebtedness. 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 Guaranteeing Subsidiaries only at such times as they may receive and/or retain payments in respect of the Notes pursuant to the Indenture, including Article X of the Indenture.
Subordination of Note Guarantees. Each Guarantor agrees, and each Holder by accepting a Note agrees, that the Guarantee Obligations of any Guarantor pursuant to this Article 12 shall be junior and subordinated to the rights of any Senior Indebtedness of such Guarantor existing from time to time hereafter in the Collateral on the same basis as the Notes are junior and subordinated to the rights of any Senior Indebtedness as provided in Articles 10 and 11 hereof and in the Collateral Agency Agreement. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments by any such Guarantor only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture.
Subordination of Note Guarantees. The obligations of each Note Guarantor under its Note Guarantee pursuant to this Article XI shall be junior and subordinated to the prior payment in full in cash or Cash Equivalents of Guarantor Senior Indebtedness on the same basis as the Securities are junior and subordinated to 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 Note Guarantors only at such times as they may receive and/or retain payments in respect of the Securities pursuant to this Indenture, including Article X hereof. 108
Subordination of Note Guarantees. 79 SECTION 12.1 Agreement To Subordinate.....................................79 SECTION 12.2 Liquidation, Dissolution, Bankruptcy.........................79 SECTION 12.3 Default on Senior Indebtedness...............................80
Subordination of Note Guarantees. 116 Section 11.01 Agreement To Subordinate..................................................... 116 Section 11.02
Subordination of Note Guarantees. 88 Section 16.01 Securities and Coupons Subordinated to Guarantor Senior Indebtedness........................ 88 ARTICLE 17
Subordination of Note Guarantees. The Note Guarantee issued by any Subsidiary Guarantor will be unsecured senior subordinated obligations of such Subsidiary Guarantor, ranking PARI PASSU with all other existing and future senior subordinated indebtedness of such Subsidiary Guarantor, if any. The Indebtedness evidenced by such Note Guarantee will be subordinated on the same basis to Guarantor Senior Indebtedness of such Subsidiary Guarantor as the Notes are subordinated to Senior Indebtedness under Article Twelve.
Subordination of Note Guarantees. (a) Each Guarantor -------------------------------- shall agree, and each Holder by accepting a Note agrees, that the Note Guarantee of such Guarantor shall be junior and subordinated to Obligations with respect to Senior Indebtedness of such Guarantor on the same basis that the Notes are junior and subordinated to Obligations with respect to Senior Indebtedness of the Company pursuant to Article X hereof. Without limiting the foregoing sentence, (i) each Guarantor shall be permitted to make, and the Trustee and the Holders of the Notes shall have the right to receive and/or retain, payments by such Guarantor only at such time as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Article X hereof, and (ii) the rights and obligations of the relevant parties relative to the Note Guarantee of such Guarantor and Senior Indebtedness of such Guarantor shall be the same as the respective rights and obligations relative to the Notes and Senior Indebtedness of the Company pursuant to Article X hereof.
Subordination of Note Guarantees. 101 Section 15.01. Note Guarantees Subordinated to Guarantor Senior Indebtedness. . . . . . . . . . . . . . . . . . . . . . . . .101 Section 15.02. No Payment on Note Guarantees in Certain Circumstances. . . .101 Section 15.03. Payment over of Proceeds upon Dissolution, Etc. . . . . . . .103 Section 15.04. Subrogation . . . . . . . . . . . . . . . . . . . . . . . . .105 (iv)
