Common use of Subordination Clause in Contracts

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor.

Subordination. The obligations of the Guarantor under this This Guarantee Agreement will constitute an unsecured obligations obligation of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt Indebtedness of the Guarantor. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Indebtedness, Senior Debt or Senior Subordinated Debt.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms. in the same manner as set forth in Article XIII of the Indenture.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior and Subordinated Debt of (as defined in the GuarantorIndenture) in the same manner as Debentures (as defined in the Trust Agreement).

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of and Subordinated Debt (as defined in the GuarantorIndenture) in the same manner as Debentures (as defined in the Trust Agreement).

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the GuarantorGuarantor to the extent and manner set forth in the Indenture. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Debt.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt Indebtedness (as defined in the Indenture) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms, in the same manner as set forth in Article XIII of the Indenture.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt other liabilities of the GuarantorGuarantor except those made pari passu or subordinate to such obligations expressly by their terms.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms in the same manner as set forth in Article XIII of the Indenture.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the GuarantorGuarantor to the extent and in the same manner that the Notes are subordinated to Senior Debt pursuant to the Indenture, it being understood that the terms of Article XII of the Indenture shall apply to the obligations of the Guarantor under this Guarantee Agreement as if such provisions were set forth in full herein.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Indebtedness, Senior Debt or Senior Subordinated Debt.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the GuarantorGuarantor to the extent and in the manner set forth in the Indenture. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Debt.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of in the Guarantorsame manner as Debentures.

Subordination. The obligations of the Guarantor under this This Guarantee Agreement will constitute an unsecured obligations obligation of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt general liabilities of the Guarantor.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt Indebtedness of the Guarantor. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Indebtedness.

Subordination. The obligations of the Guarantor under this This Guarantee Agreement will constitute an unsecured obligations obligation of the Guarantor and will rank subordinate and junior subject in right of payment to all the prior payment in full in cash of Senior Debt Indebtedness of the Guarantor.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior and Subordinated Debt of in the Guarantorsame manner as the Debentures.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms, in the same manner as set forth in Article XIII of the Indenture.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) to the extent and in the manner set forth in the Indenture. The obligations of the GuarantorGuarantor under this Guarantee Agreement do not constitute Senior Debt (as defined in the Indenture).

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt Indebtedness and Subordinated Indebtedness (each as defined in the Indenture) to the extent and in the manner set forth in the Indenture. The obligations of the GuarantorGuarantor under this Guarantee Agreement do not constitute Senior or Subordinated Indebtedness.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor.. 15

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt other liabilities of the GuarantorGuarantor (including obligations under the Debentures) except (a) those liabilities which expressly by their terms are made pari passu or subordinate to the obligations of the Guarantor under this Guarantee Agreement and (b) liabilities arising under similar guarantee agreements as described in Section 6.2 hereof.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the GuarantorGuarantor except those made PARI PASSU or subordinate to such obligations expressly by their terms.

Subordination. The obligations of the Guarantor under this This Guarantee Agreement will shall constitute an unsecured obligations obligation of the Guarantor and will shall rank subordinate and junior in right of payment to all Senior Debt general liabilities of the Guarantor.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt Indebtedness (as defined in the Indenture) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms in the same manner as set forth in Article XIII of the Indenture.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt other liabilities of the GuarantorGuarantor (including obligations under the Debentures) except (a) those liabilities which expressly by their terms are made pari passu or subordinate to the obligations of the Guarantor under this Guarantee Agreement, and (b) liabilities arising under similar guarantee agreements as described in Section 6.2 hereof.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor, except those debts made pari passu or subordinate to such obligations expressly by their terms, in the same manner as set forth in Article 14 of the Indenture.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt Indebtedness (as defined in the Indenture) to the extent and in the manner set forth in the Indenture. The obligations of the GuarantorGuarantor under this Guarantee Agreement do not constitute Senior Indebtedness or Senior Debt (each as defined in the Indenture).

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor., except those made pari passu or subordinate to such obligations expressly by their terms. in the same manner as set forth in Article XIII of the 15 11

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the Guarantor.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the GuarantorGuarantor except those made pari passu or subordinate to such obligations expressly by their terms.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior and Subordinated Debt of in the Guarantorsame manner as Debentures.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of (as defined in the GuarantorIndenture) in the same manner as Debentures (as defined in the Trust Agreement).

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor. By their acceptance thereof, each Holder of Preferred Securities agrees to the foregoing provision of the Guarantee and the other terms set forth herein.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt existing and future indebtedness of the Guarantor. The obligations of the Guarantor hereunder do not constitute indebtedness of the Guarantor.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture with respect to the series of Debentures issued thereunder in respect of the Capital Securities) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms in the same manner as set forth in Article XIV of the Indenture.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor.Senior

Subordination. The obligations of the each Guarantor under this Guarantee Agreement will constitute unsecured obligations of the such Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the such Guarantor.

Subordination. The obligations of the Guarantor Gurantor under this ------------- Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt other liabilities of the GuarantorGuarantor except those made pari passu or subordinate to such obligations expressly by their terms.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor.Guarantor to the extent and manner set forth in the

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment and upon liquidation, dissolution or winding up, to all Senior Debt indebtedness and other liabilities of the Guarantor and all capital stock of the Guarantor that by its terms ranks senior to the Series • Preferred Shares as to payment of dividends and distributions of assets. The obligations of the Guarantor hereunder do not constitute senior debt of the Guarantor.

Subordination. The obligations of the Guarantor under this This Guarantee Agreement will shall -------------- constitute an unsecured obligations obligation of the Guarantor and will shall rank subordinate and junior in right of payment to all Senior Debt general liabilities of the Guarantor.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) of the GuarantorGuarantor to the extent and manner set forth in the Indenture with respect to the Debentures. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Debt.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will shall constitute unsecured obligations of the Guarantor and will shall rank subordinate and junior in right of payment to all Senior Debt other liabilities of the GuarantorGuarantor to the same extent as the Debentures.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture) in the same manner as Debentures, except (a) those obligations which expressly by their terms are made pari passu or subordinate to the obligations of the GuarantorGuarantor under the Guarantee Agreement or (b) obligations arising under Other Guarantees.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will shall constitute unsecured obligations of the Guarantor and will shall rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture with respect to the series of Debentures issued thereunder in respect of the Capital Securities) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms in the same manner as set forth in Article XIII of the Indenture.

Subordination. The obligations of the Guarantor under this Series B Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the GuarantorGuarantor in the same manner as the Junior Subordinated Debentures.

Subordination. The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt (as defined in the Indenture with respect to the series of Debentures issued thereunder in respect of the Capital Securities) of the Guarantor, except those made pari passu or subordinate to such obligations expressly by their terms in the same manner as set forth in Article XIII of the Indenture.

Subordination. The obligations of the Guarantor under this ------------- Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt other liabilities of the GuarantorGuarantor except those made pari passu or subordinate to such obligations expressly by their terms.

Subordination. The obligations of the Guarantor Guarantors under this Guarantee Agreement will constitute unsecured obligations of the Guarantor Guarantors and will rank subordinate and junior in right of payment to all Senior Debt other liabilities of the GuarantorGuarantors except those made pari passu or subordinate to such obligations expressly by their terms.