Examples of Guarantor Subordinated Obligation in a sentence
Guarantees by the Issuer or any Restricted Subsidiary of Indebtedness permitted to be Incurred by the Issuer or a Guarantor in accordance with the provisions of this Indenture; provided that in the event such Indebtedness that is being Guaranteed is a Subordinated Obligation or a Guarantor Subordinated Obligation, then the related Guarantee will be subordinated in right of payment to the Notes or the Note Guarantees, as the case may be.
No Subsidiary Guarantor shall Incur any Indebtedness if such Indebtedness is contractually subordinate in right of payment to any Guarantor Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness is Guarantor Senior Subordinated Indebtedness of such Subsidiary Guarantor or is a Guarantor Subordinated Obligation.
The failure to make a payment in respect of the Guarantees or any other Guarantor Subordinated Obligation by reason of any provision of this Article XVII shall not be construed as preventing the occurrence of an Event of Default under Section 5.1.
No Subsidiary Guarantor shall incur any Indebtedness pursuant to Section 4.3(b) if the proceeds thereof are used, directly or indirectly, to Refinance any Guarantor Subordinated Obligation of such Subsidiary Guarantor unless such Indebtedness shall be subordinated to the obligations of such Subsidiary Guarantor under the Subsidiary Guarantee to at least the same extent as such Guarantor Subordinated Obligation of such Subsidiary Guarantor.
No Guarantor shall Incur any Indebtedness if such Indebtedness is contractually subordinate or junior in ranking in any respect to any Guarantor Senior Indebtedness of such Guarantor unless such Indebtedness is Guarantor Senior Subordinated Indebtedness of such Guarantor or is a Guarantor Subordinated Obligation.