SUBORDINATION OF GUARANTEE OBLIGATIONS. 11.1 Guarantee Obligations Subordinated to Guarantor Senior ------------------------------------------------------ Indebtedness ------------ Each Guarantor covenants and agrees, and the Arranger and each Lender by its acceptance thereof likewise covenant and agree, that the Guarantee shall be issued subject to the provisions of this Section 11; and each Person holding any Loan or Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that all payments of the principal of and interest on the Loans or Notes pursuant to the Guarantee made by or on behalf of any Guarantor shall, to the extent and in the manner set forth in this Section 11, be subordinated and junior in right of payment to the prior payment in full in cash of all amounts payable under Guarantor Senior Indebtedness of such Guarantor.
SUBORDINATION OF GUARANTEE OBLIGATIONS. SECTION 12.1 Guarantee Obligations Subordinated to Guarantor Senior Debt.
SUBORDINATION OF GUARANTEE OBLIGATIONS. 87 11.1 Guarantee Obligations Subordinated to Guarantor Senior Indebtedness.............................. 87 11.2 Priority and Payment Over of Proceeds in Certain Events.......................................... 87 11.3 Payments May Be Paid Prior to Dissolution........................................................ 89 11.4 Rights of Holders of Guarantor Senior Indebtedness Not To Be Impaired............................ 90 11.5 Subrogation...................................................................................... 90 11.6 Obligations of the Guarantors Unconditional...................................................... 91 11.7 Lenders Authorize Agent to Effectuate Subordination.............................................. 91 SECTION 12 MISCELLANEOUS........................................................................................ 92 12.1 Representation of the Lenders.................................................................... 92 12.2 Participations in and Assignments of Bridge Loan................................................. 92 12.3 Expenses......................................................................................... 94 12.4 Indemnitee....................................................................................... 94 12.5 Setoff........................................................................................... 95 12.6
SUBORDINATION OF GUARANTEE OBLIGATIONS. SECTION 12.01. Subsidiary Guarantee Obligations Subordinated to Senior Indebtedness of Subsidiary Guarantors....83 SECTION 12.02. No Payment on Notes in Certain Circumstances................83 SECTION 12.03. Payment Over of Proceeds upon Dissolution, Etc..............85 SECTION 12.04. Payments May Be Paid Prior to Dissolution...................86 SECTION 12.05. Subrogation.................................................87 SECTION 12.06. Obligations of Subsidiary Guarantor Unconditional...........87 SECTION 12.07.
SUBORDINATION OF GUARANTEE OBLIGATIONS. SECTION 12.01. Guarantee Obligations Subordinated to Guarantor Senior Debt of Holdings.......................................................... 94 SECTION 12.02. No Payment on Notes in Certain Circumstances.............................. 95 SECTION 12.03. Payment Over of Proceeds upon Dissolution, Etc............................ 96 SECTION 12.04. Payments May Be Paid Prior to Dissolution................................. 97 SECTION 12.05. Subrogation............................................................... 97 SECTION 12.06. Obligations of Holdings Unconditional..................................... 98 SECTION 12.07. Notice to Trustee and Paying Agents....................................... 98 SECTION 12.08. Reliance on Judicial Order or Certificate of Liquidating Agent..................................................................... 99 SECTION 12.09. Trustee's Relation to Guarantor Senior Debt of Holdings................... 99
SUBORDINATION OF GUARANTEE OBLIGATIONS on Default on ---------------------------------------------------- Senior Indebtedness. Upon the maturity of any Senior Indebtedness of a Guarantor ------------------- by lapse of time, acceleration or otherwise, all Senior Indebtedness of such Guarantor then due and payable shall first be paid in full in cash or Cash Equivalents, before any payment is made by such Guarantor or any Person acting on behalf of such Guarantor with respect to the Guarantee Obligations of such Guarantor. No direct or indirect payment by any Guarantor or any Person acting on behalf of such Guarantor of any Guarantee Obligations of such Guarantor whether pursuant to the terms of the Loans or upon acceleration or otherwise shall be made, if at the time of such payment, there exists a default (as defined in the document governing any Senior Indebtedness of such Guarantor) in the payment of all or any portion of any principal, interest, fees, letter of credit reimbursement obligations or other amounts payable in respect of any Senior Indebtedness of such Guarantor and such default shall not have been cured or waived or the benefits of this sentence waived by or on behalf of the holders of such Senior Indebtedness. In addition, during the continuation of any other event of default with respect to any Senior Indebtedness of such Guarantor pursuant to which the maturity thereof may be accelerated, upon the earlier of (i) receipt by the Agent of written notice from the agent or representative of the holders of such Senior Indebtedness or (ii) if such non-payment default results from the acceleration of the Loans, the date of acceleration of the Loans, no such payment may be made by such Guarantor under its Guarantee for a period ("Guarantor Payment Blockage Period") commencing on the date of receipt of such notice or the date of the acceleration referred to in clause (ii) above, as the case may be, and ending on the earlier to occur of 179 days after receipt of such written notice by the Agent (unless such Guarantor Payment Blockage Period shall be terminated by written notice to the Agent from such agent) or the date of the acceleration of the Loans, as the case may be (provided such Guarantor Senior Indebtedness shall theretofore not have been accelerated). Notwithstanding anything herein to the contrary, (x) in no event will a Guarantor Payment Blockage Period or successive Guarantor Payment Blockage Periods with respect to the same payment on such Guarantee extend beyond 179 days fr...
SUBORDINATION OF GUARANTEE OBLIGATIONS. 82 Section 12.1. Guarantee Obligations Subordinated to Guarantor Senior Indebtedness................................................ 82 Section 12.2. Suspension of Guarantee Obligations When Guarantor Senior Indebtedness in Default..................................... 82 Section 12.3. Guarantee Obligations Subordinated to Prior Payment of All Guarantor Senior Indebtedness on Dissolution, Liquidation or Reorganization of Such Subsidiary Guarantor.............. 83
SUBORDINATION OF GUARANTEE OBLIGATIONS. SECTION 12.01 Guarantee Obligations Subordinated to Guarantor Senior Debt of Holdings. Holdings covenants and agrees, and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that any payment of obligations by Holdings in respect of its Guarantee (its "Guarantee Obligations") shall be made subject to the provisions of this Article Twelve, 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 Guarantee Obligations by Holdings 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 Holdings, that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Guarantor Senior Debt of Holdings, and that each holder of Guarantor Senior Debt of Holdings whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Guarantor Senior Debt of Holdings in reliance upon the covenants and provisions contained in this Indenture and the Notes.
SUBORDINATION OF GUARANTEE OBLIGATIONS. 86 SECTION 12.1. Guarantee Obligations Subordinated to Senior Indebtedness of Subsidiary Guarantors.....................................86 SECTION 12.2. No Payment on Notes in Certain Circumstances.................86 SECTION 12.3. Payment Over of Proceeds upon Dissolution, Etc...............88 SECTION 12.4. Payments May Be Paid Prior to Dissolution.....................90 SECTION 12.5. Subrogation...................................................90 SECTION 12.6. Obligations of Subsidiary Guarantor Unconditional.............91 SECTION 12.7. Notice to Trustee.............................................91 SECTION 12.8. Reliance on Judicial Order or Certificate of Liquidating Agent ........................................................91 SECTION 12.9. Trustee's Relation to Subsidiary Guarantor's Senior Indebtedness.................................................92 SECTION 12.10. Subordination Rights Not Impaired by Acts or Omissions of Subsidiary Guarantors or Holders of Subsidiary Guarantors' Senior Indebtedness..........................................92 SECTION 12.11. Noteholders Authorize Trustee To Effectuate Subordination of Notes.....................................................93 SECTION 12.12. This Article Twelve Not To Prevent Events of Default.........94
SUBORDINATION OF GUARANTEE OBLIGATIONS. 98 11.1 Guarantee Obligations Subordinated to Guarantor Senior Indebtedness........................ 98 11.2 No Payment on Guarantees in Certain Circumstances; Payments Held in Trusts................. 99 A. No Payments in Certain Circumstances.............................................. 99 B. Payments Held in Trust............................................................ 99 11.3 Payment Over of Proceeds upon Dissolution, Etc.............................................
