Subordination of Guaranty. (a) The Guarantied Obligations shall be subordinated to Senior Debt to the extent set forth in this Section 4.
Subordination of Guaranty. The Obligations of each Guarantor under its Guaranty pursuant to this Article 11 shall be junior and subordinated to the Senior Debt of such Guarantor on the same basis as the Notes are junior and subordinated to Senior Debt of the Company. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments by any of the Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Indenture, including Article 10 hereof.
Subordination of Guaranty. SECTION 12.01. Guaranty Obligations Subordinated to Guarantor Senior Indebtedness.................104 SECTION 12.02. No Payment on Guaranties in Certain Circumstances..................................104 SECTION 12.03. Payment Over of Proceeds upon Dissolution, etc.....................................105 SECTION 12.04. Subrogation........................................................................106 SECTION 12.05.
Subordination of Guaranty. The Guaranty issued by any Guarantor will be unsecured senior subordinated obligations of such Guarantor, ranking pari passu with all other existing and future senior subordinated indebtedness of such Guarantor, if any. The Indebtedness evidenced by such Subsidiary Guarantee will be subordinated on the same basis as the guaranty of any Senior Indebtedness of such Guarantor as the Notes are subordinated to Senior Indebtedness.
Subordination of Guaranty. The obligation of each Guarantor on ------------------------- this Guaranty is and shall remain subordinate in right of payment to all and any guarantees by each Guarantor on all Senior Debt to the extent and in the manner hereinafter set forth. "Senior Debt" shall mean the principal of and unpaid accrued interest on: (a) all indebtedness of the Borrower for borrowed money (other than the Obligations and the indebtedness evidenced by that certain subordinated promissory note of the Borrower, dated ___________, 2001, payable to [Xxxxxx X. Xxxx in the principal amount of $500,000] [Xxxxxx X. Xxxxxx in the principal amount of $250,000]) from Dubuque Bank and Trust and ______________ in an amount not to exceed in the aggregate $12,000,000, whether created, incurred or assumed before or after the date hereof, and renewals, extensions and refundings of any such indebtedness and (b) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for or to refinance such Senior Debt, except that Senior Debt shall not include or mean debentures, notes or other evidence of indebtedness issued to any Guarantor. The subordination provisions contained in this Guaranty are expressly and only for the benefit of third party senior creditors of the Borrower and shall in no way limit the rights or remedies of Lender against each Guarantor, including without limitation the time at which or the method with which Lender may proceed against the Guarantors for any amount owing hereunder. Upon any distribution of assets of the Borrower, upon dissolution, winding up, liquidation or reorganization of the Borrower, whether in bankruptcy, insolvency or receivership proceedings, or upon an assignment for the benefit of creditors, or any other marshalling of the assets and liabilities of the Borrower, or otherwise, all guarantees by each Guarantor of Senior Debt shall first be paid in full, or provision made for such payment in cash, before any payment is made on any amount hereunder. In the event of such payment in full, Lender shall be subrogated ratably to all rights of such senior lenders to receive payments or distributions of the assets of the Guarantors applicable to such Senior Debt until the Obligations shall be paid in full. All payments under this Guaranty shall be suspended during any period of time that payments are suspended pursuant to a Payment Blockage Notice under the terms of the Obligations.
Subordination of Guaranty. 68 ARTICLE XIV MISCELLANEOUS
Subordination of Guaranty. Any Guaranty of the Securities, whether provided by Article XIII or otherwise, shall be subordinated to Guarantor Senior Indebtedness to the extent and in the manner that the Securities are subordinated to Senior Indebtedness of the Company.
Subordination of Guaranty. 80 Section 11.03. Limitation on Guarantor Liability.. . . . . . . . . . . . .80 Section 11.04. Execution and Delivery of Guaranty. . . . . . . . . . . . .80 Section 11.05. Guarantors May Consolidate, etc., on Certain Terms. . . . .81 Section 11.06. Releases Following Sale of Assets.. . . . . . . . . . . . .81 ARTICLE 12. MISCELLANEOUS. . . . . . . . . . . . . . . . . . . . . . . . .82
Subordination of Guaranty. The Obligations of each Guarantor under its Guaranty pursuant to this Article 11 shall be subordinated in right of payment to the prior payment in full of all Obligations in respect of Guarantor Senior Indebtedness of such Guarantor on the same basis as the Notes are subordinated to the Senior Indebtedness of the Company. For the purposes of the foregoing sentence, (a) each Guarantor may make, and the Trustee and the Holders of the Notes shall have the right to receive and/or retain, payments by any of the Guarantors or distributions in any proceeding described in Section 10.2 hereof only at such times and on such conditions as they may receive and/or retain payments and distributions in respect of the Notes pursuant to this Indenture, including Article 10 hereof, and (b) the rights and obligations of the relevant parties relative to the Guaranty and the Guarantor Senior Indebtedness shall be the same as their respective rights and 108 obligations relative to the Notes and Senior Indebtedness of the Company pursuant to Article 10.
Subordination of Guaranty. Section 13.01. Agreement To Subordinate ........................... 108 Section 13.02. Liquidation, Dissolution, Bankruptcy ............... 108 Section 13.03. Default on Specified Senior Indebtedness of the Company ...................................... 108 Section 13.04. Demand for Payment ................................. 110 Section 13.05. When Distribution Must Be Paid Over ................ 110 Section 13.06. Subrogation ........................................ 110
