Common use of SUBORDINATION OF SUBSIDIARY GUARANTEES Clause in Contracts

SUBORDINATION OF SUBSIDIARY GUARANTEES. The Obligations of each Guarantor under its Subsidiary Guarantee pursuant to this Article 11 shall be junior and subordinated to all obligations in respect of the Senior Indebtedness of such Guarantor on the same basis as the Notes are junior and subordinated to all obligations in respect of the Senior Indebtedness of the Company. For the purposes of the foregoing sentence, (a) each Guarantor may make, and the Trustee and the Holders of the Notes 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, and (b) the rights and obligations of the relevant parties relative to the Subsidiary Guarantees shall be the same as their respective rights and obligations relative to the Notes and Senior Indebtedness of the Company pursuant to Article 10.

SUBORDINATION OF SUBSIDIARY GUARANTEES. The Obligations obligations of each Guarantor under its Subsidiary Guarantee pursuant to this Article 11 12 shall be junior and subordinated to the prior payment in full in cash, or at the option of the holders of Senior Debt, in Cash Equivalents of all obligations in respect of Senior Debt of such Guarantor, whether outstanding on the date hereof or thereafter incurred (including amounts for which the Guarantors will be liable for under the Subsidiary Guarantees issued from time to time with respect to Senior Indebtedness Debt of such Guarantor or the Company) on the same basis as the Notes are junior and subordinated to all obligations in respect of the Senior Indebtedness of the CompanyDebt. For the purposes of the foregoing sentence, (a) each Guarantor may make, and the Trustee and the Holders of the Notes shall have the right to receive and/or retain, 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, and (b) the rights and obligations of the relevant parties relative to the Subsidiary Guarantees shall be the same as their respective rights and obligations relative to the Notes and Senior Indebtedness of the Company pursuant to Article 10.

SUBORDINATION OF SUBSIDIARY GUARANTEES. The Obligations obligations of each Guarantor under its Subsidiary Guarantee pursuant to this Article 11 shall be junior and subordinated to all obligations in respect of the Guarantor Senior Indebtedness of such Guarantor on the same basis as the Notes are junior and subordinated to all obligations in respect of the Senior Indebtedness of the Company. For the purposes of the foregoing sentence, (a) each Guarantor may make, and the Trustee and the Holders of the Notes 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, and (b) the rights and obligations of the relevant parties relative to the Subsidiary Guarantees and the Guarantor Senior Indebtedness shall be the same as their respective rights and obligations relative to the Notes and Senior Indebtedness of the Company pursuant to Article 10.

SUBORDINATION OF SUBSIDIARY GUARANTEES. The Obligations of each Guarantor under its Subsidiary Guarantee pursuant to this Article 11 shall be junior and subordinated to all obligations in respect of the Senior Indebtedness Debt of such Guarantor on the same basis as the Notes are junior and subordinated to all obligations in respect of the Senior Indebtedness Debt of the Company. The Guarantees will rank PARI PASSU with the May 1998 Guarantees. For the purposes of the foregoing sentence, (a) each Guarantor may make, and the Trustee and the Holders of the Notes 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, and (b) the rights and obligations of the relevant parties relative to the Subsidiary Guarantees shall be the same as their respective rights and obligations relative to the Notes and Senior Indebtedness Debt of the Company pursuant to Article 10.

SUBORDINATION OF SUBSIDIARY GUARANTEES. The Obligations of each Guarantor under its Subsidiary Guarantee pursuant to this Article 11 shall be junior and subordinated to all obligations Obligations in respect of the Guarantor Senior Indebtedness of such Guarantor on the same basis as the Notes are junior and subordinated to all obligations Obligations in respect of the Senior Indebtedness of the Company. For the purposes of the foregoing sentence, (a) each Guarantor may make, and the Trustee and the Holders of the Notes 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, and (b) the rights and obligations of the relevant parties relative to the Subsidiary Guarantees and the Guarantor Senior Indebtedness shall be the same as their respective rights and obligations relative to the Notes and Senior Indebtedness of the Company pursuant to Article 10.

SUBORDINATION OF SUBSIDIARY GUARANTEES. The Obligations of each Guarantor under its Subsidiary Guarantee pursuant to this Article 11 shall be junior and subordinated to all obligations in respect of the Guarantor Senior Indebtedness of such Guarantor on the same basis as the Notes are junior and subordinated to all obligations in respect of the Senior Indebtedness of the Company. For the purposes of the foregoing sentence, (a) each Guarantor may make, and the Trustee and the Holders of the Notes 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, and (b) the rights and obligations of the relevant parties relative to the Subsidiary Guarantees and the Guarantor Senior Indebtedness shall be the same as their respective rights and obligations relative to the Notes and Senior Indebtedness of the Company pursuant to Article 10.