Common use of Ranking of Subsidiary Guarantees Clause in Contracts

Ranking of Subsidiary Guarantees. The Subsidiary Guarantee of each Subsidiary Guarantor: (i) is a general obligation of such Subsidiary Guarantor; (ii) is effectively subordinated to secured obligations of such Subsidiary Guarantor (if any, other than the Shared Collateral securing the Notes), to the extent of the value of the assets serving as security therefor; (iii) is senior in right of payment to all future obligations of such Subsidiary Guarantor expressly subordinated in right of payment to such Subsidiary Guarantee; (iv) ranks at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness of such Subsidiary Guarantor (subject to any priority rights of such unsecured, unsubordinated Indebtedness pursuant to applicable law); and (v) is effectively subordinated to all existing and future obligations of the Non-Guarantor Restricted Subsidiaries.

Ranking of Subsidiary Guarantees. The Subsidiary Guarantee of each Subsidiary Guarantor: (ia) is a general senior obligation of such Subsidiary Guarantor; (ii) is effectively subordinated to secured obligations of such Subsidiary Guarantor (if any, other than the Shared Collateral securing the Notes), to the extent of the value of the assets serving as security therefor; (iiib) is senior in right of payment to all future any obligations of such Subsidiary Guarantor expressly subordinated in right of payment to such Subsidiary Guarantee; (ivc) ranks at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness of such Subsidiary Guarantor (subject to any priority rights of such unsecured, unsubordinated Indebtedness pursuant to applicable law); and (vd) is effectively structurally subordinated to all existing and future obligations of the Non-Guarantor Restricted Subsidiaries; and (e) is effectively subordinated to all existing and future secured obligations of such Subsidiary Guarantor, to the extent of the value of the collateral securing such obligations (other than the Collateral pledged by such Subsidiary Guarantor).

Ranking of Subsidiary Guarantees. The Subsidiary Guarantee of each Subsidiary Guarantor: (ia) is a general obligation of such Subsidiary Guarantor; (iib) is effectively subordinated to all existing and future secured obligations of such Subsidiary Guarantor (if any, other than the Shared Collateral securing the Notes)Guarantor, to the extent of the value of the assets collateral serving as security therefor; (iiic) is senior in right of payment to all existing and future obligations of such Subsidiary Guarantor expressly subordinated in right of payment to such the Subsidiary Guarantee; (ivd) ranks and will rank at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness indebtedness of such Subsidiary Guarantor (subject to any priority rights of such unsecured, unsubordinated Indebtedness indebtedness pursuant to applicable law); and (ve) is effectively subordinated to all existing and future obligations of the Non-Guarantor Restricted Subsidiaries.

Ranking of Subsidiary Guarantees. The Subsidiary Guarantee of each Subsidiary Guarantor: (ia) is a general obligation of such Subsidiary Guarantor; (iib) is effectively subordinated to all existing and future secured obligations of such Subsidiary Guarantor (if any, other than the Shared Collateral securing the Notes)Guarantor, to the extent of the value of the assets collateral serving as security therefor; (iiic) is senior in right of payment to all existing and future obligations of such Subsidiary Guarantor expressly subordinated in right of payment to such the Subsidiary Guarantee; (ivd) ranks and will rank at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness of such Subsidiary Guarantor (subject to any priority rights of such unsecured, unsubordinated Indebtedness pursuant to applicable law); and (ve) is effectively subordinated to all existing and future obligations of the Non-Guarantor Restricted Subsidiaries.

Ranking of Subsidiary Guarantees. The Subsidiary Guarantee of each Subsidiary Guarantor: (ia) is a general obligation of such Subsidiary Guarantor; (ii) is effectively subordinated to secured obligations of such Subsidiary Guarantor (if any, other than the Shared Collateral securing the Notes), to the extent of the value of the assets serving as security therefor; (iiib) is senior in right of payment to all future obligations of such Subsidiary Guarantor expressly subordinated in right of payment to such the Subsidiary Guarantee; (ivc) ranks and will rank at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness of such Subsidiary Guarantor (subject to any priority rights of such unsecured, unsubordinated Indebtedness pursuant to applicable law); (d) is effectively subordinated to secured obligations (if any) of such Subsidiary Guarantor, to the extent of the value of the assets serving as security therefor; and (ve) is effectively subordinated to all existing and future obligations of the Non-Guarantor Restricted Subsidiaries.