Common use of Right of Payment Clause in Contracts

Right of Payment. The Notes shall be senior secured obligations of the Issuer and the Guaranty shall be (i) the senior secured obligation of the Senior Guarantors and (ii) the subordinated secured obligations of the Subordinated Guarantors.

Right of Payment. The Notes shall be senior secured obligations of the Issuer and the each Guaranty shall be (i) the senior secured obligation of the applicable Guarantor. The Notes and the Existing Senior Guarantors Secured Notes shall rank pari passu in right of payment, and (ii) the subordinated secured obligations Guaranty of the Subordinated GuarantorsNotes by each Guarantor shall rank pari passu with the "Guaranty" (as such term is defined in the Purchase Agreement) of the Existing Senior Secured Notes by such Guarantor.