Common use of Subordination of the Guarantees Clause in Contracts

Subordination of the Guarantees. Guarantees Subordinated to Guarantor Senior Debt. Anything herein to the contrary notwithstanding, each of the Company and the Guarantors, for itself and its successors, and each Holder, by his or her acceptance of Guarantees, agrees that the payment by the Guarantors of all Obligations with respect to the Guarantees is subordinated in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on Guarantor Senior Debt (including all Obligations with respect to the Credit Agreement). Notwithstanding the foregoing, payments and distributions made relating to the Guarantees pursuant to the trust described under Article Thirteen hereof shall not be so subordinated in right of payment so long as the payments into the trust were made in accordance with the requirements described under Article Thirteen hereof and did not violate the subordination provisions when they were made. This Article Fifteen shall constitute a continuing offer to all Persons who become holders of, or continue to hold, Guarantor Senior Debt, and such provisions are made for the benefit of the holders of Guarantor Senior Debt and such holders are made obligees hereunder and any one or more of them may enforce such provisions. Each such holder shall be deemed to have acquired such Guarantor Senior Debt in reliance upon the covenants and provisions contained in this Article Fifteen.

Subordination of the Guarantees. Guarantees Subordinated to Guarantor Senior Debt. Anything herein SECTION 17.1 GUARANTOR SUBORDINATED OBLIGATIONS SUBORDINATED TO GUARANTOR SENIOR DEBT. (a) Notwithstanding any provision of this Indenture to the contrary notwithstandingcontrary, each of Subsidiary Guarantor agrees, the Company and the Guarantors, for itself and its successors, Trustee acknowledges and each Holder, Holder (by his or her acceptance of accepting the Guarantees, ) likewise covenants and agrees that any payments in respect of Guarantees by any Subsidiary Guarantor and any and all other Obligations of such Subsidiary Guarantor in respect of any Guarantee or on account of any Claim (collectively, the payment by the Guarantors of all Obligations with respect "Guarantor Subordinated Obligations") shall be subordinated, to the Guarantees is subordinated extent set forth in right of payment this Article XVII, to the prior payment in full in cash or Cash Equivalents of all Obligations on Guarantor Senior Debt Debt. (including all Obligations with respect to the Credit Agreement). Notwithstanding the foregoing, payments and distributions made relating to the Guarantees pursuant to the trust described under Article Thirteen hereof shall not be so subordinated in right of payment so long as the payments into the trust were made in accordance with the requirements described under Article Thirteen hereof and did not violate the subordination provisions when they were made. b) This Article Fifteen XVII shall constitute a continuing offer to all Persons who become holders of, or continue to hold, Guarantor Senior Debt, and such provisions are made for the benefit of the holders of Guarantor Senior Debt and such holders are made obligees hereunder and any one or more of them may enforce such provisions. Each such holder Holders of Guarantor Senior Debt need not prove reliance on the subordination provisions hereof. 91 102 (c) For purposes of this Article XVII, a distribution may consist of cash, securities or other property, by set-off or otherwise. For purposes of this Article XVII, the words "cash, securities or other property" shall not be deemed to have acquired such Guarantor Senior Debt in reliance upon the covenants and provisions contained in this Article Fifteeninclude any payment or distribution of Permitted Junior Securities.