Common use of Subordination of Note Guarantees Clause in Contracts

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. Each The obligations of each Guarantor agrees, and each Holder by accepting a under its Note agrees, that the Guarantee Obligations of any Guarantor pursuant to this Article 12 Ten shall be junior and subordinated to the rights prior payment in full of any the Guarantor Senior Indebtedness of such Guarantor existing from time in cash, Cash Equivalents or other cash equivalents reasonably accept-able to time hereafter in the Collateral holders of such Guarantor Senior Indebtedness of such Guarantor 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 of the Collateral Agency AgreementIssuer. 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 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 Eleven.

Subordination of Note Guarantees. Each The obligations of each Guarantor agrees, and each Holder by accepting a under its Note agrees, that the Guarantee Obligations of any Guarantor pursuant to this Article 12 Ten shall be junior and subordinated to the rights prior payment in full of any the Guarantor Senior Indebtedness Debt of such Guarantor existing from time in cash (including the termination or cash collateralization of all outstanding letters of credit and bank product obligations pursuant to time hereafter in the Collateral terms, if any, of the documents evidencing such Senior Debt) on the same basis as the Notes are junior and subordinated to Senior Debt of the rights of any Senior Indebtedness as provided in Articles 10 and 11 hereof and in the Collateral Agency AgreementIssuer. 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 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 Eleven.

Subordination of Note Guarantees. Each The Guarantor agrees, and each Holder by accepting a Note agrees, that the Guarantee Obligations of any the Guarantor under the Note Guarantees pursuant to this Article 12 11 shall be junior and subordinated to the rights of any Senior Indebtedness of such the 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 of the Company as provided in Articles Article 10 and 11 hereof and in the Collateral Agency Agreementhereof. 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 the Guarantor only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Section 4.15 hereof.

Subordination of Note Guarantees. Each Guarantor agrees, and each Holder by accepting a Note agrees, that the Guarantee Obligations of any Guarantor the Guarantors pursuant to this Article 12 shall be junior and subordinated to the rights of any Senior Indebtedness of such the Company or any 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. Each Guarantor agrees, and each Holder by accepting a Note agrees, that its Obligations under the Guarantee Obligations of any Guarantor Note Guarantees pursuant to this Article 12 11 shall be junior and subordinated to prior payment in full in cash or Cash Equivalents of all the rights of any Senior Indebtedness of such Guarantor existing from time to time hereafter in Guarantor, including such Guarantor's borrowings under, or guarantee of, the Collateral New Credit Facility, on the same basis as the Notes are junior and subordinated to the rights of any Senior Indebtedness of the Company as provided in Articles Article 10 and 11 hereof and in the Collateral Agency Agreementhereof. 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 the Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Section 4.15 hereof.