Common use of Subordination of Guarantees Clause in Contracts

Subordination of Guarantees. If Article XII is applicable to a series of Debt Securities, then unless otherwise provided pursuant to Section 2.03, the obligations of each of the Subsidiary Guarantors under its Guarantee with respect to such series of Subordinated Debt Securities pursuant to this Article XIII shall be junior and subordinated to the Senior Indebtedness of the Subsidiary Guarantor pursuant to Article XII hereof. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments or distributions by or on behalf of any of such Subsidiary Guarantor only at such time as they may receive and/or retain payments in respect of such series of Subordinated Debt Securities pursuant to this Indenture, including Article XII hereof.