Common use of Guarantee Obligations Subordinated to Guarantor Senior Debt Clause in Contracts

Guarantee Obligations Subordinated to Guarantor Senior Debt. Each Guarantor covenants and agrees, and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Guarantees shall be issued subject to the provisions of this Article Twelve; and the Trustee and each Person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes pursuant to the Guarantees by any Guarantor shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Guarantor Senior Debt of such Guarantor; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Guarantor Senior Debt, and that each holder of Guarantor Senior Debt whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Guarantor Senior Debt in reliance upon the covenants and provisions contained in this Indenture, the Notes and the Guarantees.

Guarantee Obligations Subordinated to Guarantor Senior Debt. Each Guarantor covenants and agrees, and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Guarantees any payment of obligations by any Guarantor in respect of its Guarantee (its "Guarantee Obligations") shall be issued made subject to the provisions of this Article Twelve; and the Trustee and each Person holding any Note, whether upon original issue or upon registration of transfer, assignment or exchange thereof, accepts and agrees that the payment of all Guarantee Obligations on the Notes pursuant to the Guarantees by any Guarantor shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Guarantor Senior Debt of such Guarantor; , that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Guarantor Senior DebtDebt of such Guarantor, and that each holder of Guarantor Senior Debt of such Guarantor whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Guarantor Senior Debt of such Guarantor in reliance upon the covenants and provisions contained in this Indenture, the Notes Indenture and the GuaranteesNotes.

Guarantee Obligations Subordinated to Guarantor Senior Debt. Each Guarantor covenants and agrees, and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Guarantees any payment of obligations by any Guarantor in respect of its Guarantee (its “Guarantee Obligations”) shall be issued made subject to the provisions of this Article Twelve; and the Trustee and each Person holding any Note, whether upon original issue or upon registration of transfer, assignment or exchange thereof, accepts and agrees that the payment of all Guarantee Obligations on the Notes pursuant to the Guarantees by any Guarantor shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Guarantor Senior Debt of such Guarantor; , that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Guarantor Senior DebtDebt of such Guarantor, and that each holder of Guarantor Senior Debt of such Guarantor whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Guarantor Senior Debt of such Guarantor in reliance upon the covenants and provisions contained in this Indenture, the Notes Indenture and the GuaranteesNotes.

Guarantee Obligations Subordinated to Guarantor Senior Debt. Each Guarantor covenants Guarantor, by execution of the Guarantee, will covenant and agreesagree, and the Trustee and each Holder of the NotesSecurities, by its acceptance thereof, likewise covenants and agrees, that all Guarantees shall be issued subject to the provisions of this Article Twelve; and the Trustee and each Person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes pursuant to the Guarantees by any Guarantor shall, to the extent and in the manner herein hereinafter set forthforth in this Article 12, be subordinated the Indebtedness represented by the Guarantee and junior the payment of any obligations pursuant to the Guarantee by such Guarantor are hereby expressly made subordinate and subject in right of payment as provided in this Article 12 to the prior indefeasible payment and satisfaction in full in cash or Cash Equivalents or, as acceptable to the holders of all Obligations on the Guarantor Senior Debt of such Guarantor, in any other manner, of all existing and future Guarantor Senior Debt of such Guarantor. This Section 12.06 and the following Sections 12.07 through 12.11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or continue to hold Guarantor Senior Debt of any Guarantor; that the subordination is and such provisions are made for the benefit of, and shall be enforceable directly by, of the holders of Guarantor Senior Debt, Debt of each Guarantor; and that such holders are made obligees hereunder and they or each holder of Guarantor Senior Debt whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Guarantor Senior Debt in reliance upon the covenants and provisions contained in this Indenture, the Notes and the Guaranteesthem may enforce such provisions.