Common use of SUBORDINATION OF SUBSIDIARY GUARANTEES Clause in Contracts

SUBORDINATION OF SUBSIDIARY GUARANTEES. The obligations of each Subsidiary Guarantor under its Subsidiary Guarantee pursuant to this Indenture or any supplemental indenture executed by such Subsidiary Guarantor are subordinated in right of payment to the prior payment in full in cash of all Senior Indebtedness of such Subsidiary Guarantor on the same basis as the Notes are subordinated to Senior Indebtedness of the Company. For the purposes of the foregoing sentence, (a) the Trustee and the holders of the Notes shall have the right to receive and/or retain payments by any of the Subsidiary Guarantors only at such times as they may receive and/or retain payments in respect of Notes pursuant to this Indenture, including Article 16 hereof and (b) Section 16.2 shall apply as to each Subsidiary Guarantor and its Guarantee on the same basis as it applies to the Company and the Notes (except that, as to any Subsidiary Guarantor, the clauses in the last paragraph of Section 16.2 that read "the terms and conditions set forth in Article 10" and "comply with the conditions set forth in Article 10" shall be deemed to read, respectively, "the terms and conditions set forth in Section 15.11"

SUBORDINATION OF SUBSIDIARY GUARANTEES. The obligations of each Subsidiary Guarantor under its any Subsidiary Guarantee relating to a series of Securities issued pursuant to this Indenture or any supplemental indenture executed by such Subsidiary Guarantor are shall be subordinated in right of payment to the prior payment in full in cash of all Senior Indebtedness of such Subsidiary Guarantor on to the same basis extent and in the same manner as the Notes Securities of such series are subordinated to Senior Indebtedness of the Company, or, if so provided in a Board Resolution, Officers' Certificate or executed supplemental indenture referred to in Sections 201 and 301 by or pursuant to which the form and terms of the Securities of such series and the related Subsidiary Guarantees were established, as and to the extent provided by the terms thereof, and each Holder of Securities of each series, by his acceptance thereof, likewise covenants and agrees to the subordination herein or therein provided and shall be bound by the provisions hereof or thereof. For the purposes of the foregoing sentence, (a) the Trustee and the holders of the Notes Securities shall have the right to receive and/or or retain payments by any of the Subsidiary Guarantors only at such times as they may receive and/or or retain payments in respect of Notes the Securities pursuant to this Indenture, including Article 16 hereof and (b) Section 16.2 shall apply as to each Subsidiary Guarantor and its Guarantee on the same basis as it applies to the Company and the Notes (except that, as to any Subsidiary Guarantor, the clauses in the last paragraph of Section 16.2 that read "the terms and conditions set forth in Article 10" and "comply with the conditions set forth in Article 10" shall be deemed to read, respectively, "the terms and conditions set forth in Section 15.11". ARTICLE FOURTEEN

SUBORDINATION OF SUBSIDIARY GUARANTEES. The obligations of each Subsidiary Guarantor under its Subsidiary this Guarantee pursuant to this Indenture or any supplemental indenture executed by such Subsidiary Guarantor are subordinated in right of payment to the prior payment in full in cash of all Senior Indebtedness (as defined in the Indenture) of such Subsidiary each Guarantor on the same basis as the Notes are subordinated to Senior Indebtedness of the Company. For the purposes of the foregoing sentence, (a) the Trustee and the holders of the Notes shall have the right to receive and/or retain payments by any of the Subsidiary Guarantors only at such times as they may receive and/or retain payments in respect of Notes pursuant to this the Indenture, including Article 16 hereof thereof and (b) Section 16.2 of the Indenture shall apply as to each Subsidiary Guarantor and its this Guarantee on the same basis as it applies to the Company and the Notes (except that, as to any Subsidiary Guarantor, the clauses in the last paragraph of Section 16.2 of the Indenture that read "the terms and conditions set forth in Article 10" and "comply with the conditions set forth in Article 10" shall be deemed to read, respectively, "the terms and conditions set forth in Section 15.11"

SUBORDINATION OF SUBSIDIARY GUARANTEES. The obligations of each Subsidiary Guarantor under its any Subsidiary Guarantee relating to a series of Securities issued pursuant to this Indenture or any supplemental indenture executed by such Subsidiary Guarantor are shall be subordinated in right of payment to the prior payment in full in cash of all Senior Indebtedness of such Subsidiary Guarantor on to the same basis extent and in the same manner as the Notes Securities of such series are subordinated to Senior Indebtedness of the Company, or, if so provided in a Board Resolution, Officers' Certificate or executed supplemental indenture referred to in Sections 201 and 301 by or pursuant to which the form and terms of the Securities of such series and the related Subsidiary Guarantees were established, as and to the extent provided by the terms thereof, and each Holder of Securities of each series, by his acceptance thereof, likewise covenants and agrees to the subordination herein or therein provided and shall be bound by the provisions hereof or thereof. For the purposes of the foregoing sentence, (a) the Trustee and the holders of the Notes Securities shall have the right to receive and/or or retain payments by any of the Subsidiary Guarantors only at such times as they may receive and/or or retain payments in respect of Notes the Securities pursuant to this Indenture, including Article 16 hereof and (b) Section 16.2 shall apply as to each Subsidiary Guarantor and its Guarantee on the same basis as it applies to the Company and the Notes (except that, as to any Subsidiary Guarantor, the clauses in the last paragraph of Section 16.2 that read "the terms and conditions set forth in Article 10" and "comply with the conditions set forth in Article 10" shall be deemed to read, respectively, "the terms and conditions set forth in Section 15.11". 66 ARTICLE FOURTEEN

SUBORDINATION OF SUBSIDIARY GUARANTEES. The obligations of each Subsidiary Guarantor under its any Subsidiary Guarantee relating to a series of Securities issued pursuant to this Indenture or any supplemental indenture executed by such Subsidiary Guarantor are shall be subordinated in right of payment to the prior payment in full in cash of all Senior Indebtedness of such Subsidiary Guarantor on to the same basis extent and in the same manner as the Notes Securities of such series are subordinated to Senior Indebtedness of the Company, or, if so provided in a Board Resolution, Officers' Certificate or executed supplemental indenture referred to in Sections 2.01 and 3.01 by or pursuant to which the form and terms of the Securities of such series and the related Subsidiary Guarantees were established, as and to the extent provided by the terms thereof, and each Holder of the Securities of each series, by his acceptance thereof, likewise covenants and agrees to the subordination herein or therein 42 provided and shall be bound by the provisions hereof or thereof. For the purposes of the foregoing sentence, (a) the Trustee and the holders Holders of the Notes Securities shall have the right to receive and/or or retain payments by any of the Subsidiary Guarantors only at such times time as they may receive and/or or retain payments in respect of Notes the Securities pursuant to this Indenture, including Article 16 hereof and (b) Section 16.2 shall apply as to each Subsidiary Guarantor and its Guarantee on the same basis as it applies to the Company and the Notes (except that, as to any Subsidiary Guarantor, the clauses in the last paragraph of Section 16.2 that read "the terms and conditions set forth in Article 10" and "comply with the conditions set forth in Article 10" shall be deemed to read, respectively, "the terms and conditions set forth in Section 15.11".