X- I/A •fable of Contents FIRST DATA CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) and future subordinated indebtedness of FDC's guarantor subsidiaries. The 11.75% senior subordinated note guarantee is unsecured and ranks equally in right of payment with all existing and future senior subordinated indebtedness of the guarantor subsidiaries. All of the above guarantees are full, unconditional, and joint and several and each of the Guarantors is 100% owned. directly or indirectly, by FIX. None of the other subsidiaries of FDC, either direct or indirect, guarantee the notes (Non-Guarantors). The Guarantors are subject to release under certain circumstances as described below. The credit agrearient governing the guarantees of the senior secured revolving credit facility and senior secured term loan facility provide for a Guarantor to be automatically and unconditionally released and discharged from its guarantee obligations in certain circumstances, including under the following circumstances: • the Guarantor ceases to be a "restricted subsidiary" for purpose of the agreement because FIX no longer directly or indirectly owns 50% of the equity or, if a corporation. stock having voting power to elect a majority of the board of directors of the Guarantor, or • the Guarantor is designated as an "unrestricted subsidiary" for purposes of the agreement covenants; or • the Guarantor is no longer wholly owned by FDC subject to the value of all Guarantors releasixi under this provision does not exceed (x) 10% of FDC's Covenant EBITDA plus (y) the amount of investments permitted under the agreement in respect of non-guarantors. The indentures governing all of the other guarantees described above provide for a Guarantor to be automatically and unconditionally released and discharged from its guarantee obligations in certain circumstances, including upon the earliest to occur of: the sale, exchange or transfer of the subsidiary's capita