Subordination of Note Guarantee. Each Guaranteeing Subsidiary covenants and agrees that the obligations of such Guaranteeing Subsidiary under its Note Guarantee shall be junior and subordinate in right of payment to the prior payment in full in cash of all obligations under the Senior Guarantee of such Guaranteeing Subsidiary.
Appears in 2 contracts
Sources: Supplemental Indenture (Owens Illinois Inc /De/), Supplemental Indenture (Owens Illinois Inc /De/)