Common use of Subsidiary Guarantees Subordinate to Senior Debt of Subsidiary Guarantors Clause in Contracts

Subsidiary Guarantees Subordinate to Senior Debt of Subsidiary Guarantors. Each Subsidiary Guarantor covenants and agrees, and each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article (subject to the provisions of Article Four and Article Fifteen), the Subsidiary Guarantee of such Subsidiary Guarantor is hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt of such Subsidiary Guarantor. No provisions of this Article Fourteen shall prevent the occurrence of any Event of Default.

Subsidiary Guarantees Subordinate to Senior Debt of Subsidiary Guarantors. Each Subsidiary Guarantor covenants and agrees, and each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article (subject to the provisions of Article Four IV and Article FifteenXV), the Subsidiary Guarantee of such Subsidiary Guarantor is hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt of such Subsidiary Guarantor. No provisions of this Article Fourteen XIV shall prevent the occurrence of any Event of Default.