Common use of Anti-Layering Clause in Contracts

Anti-Layering. Neither the Company nor any Guarantor may Incur any Debt that is subordinated in right of payment to other Debt of the Company or the Guarantor unless such Debt is also subordinated in right of payment to the Notes or the relevant Note Guaranty on substantially identical terms. This does not apply to distinctions between categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but not all of such Debt.

Anti-Layering. Neither the Company nor any Guarantor may Incur any Debt that is subordinated subordinate in right of payment to other Debt of the Company or the Guarantor unless such Debt is also subordinated subordinate in right of payment to the Notes or the relevant Note Guaranty on substantially identical terms. This does not apply to distinctions between categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but not all of such Debt.

Anti-Layering. Neither the Company Issuer nor any Guarantor may Incur any Debt that is subordinated in right of payment to other Debt of the Company Issuer or the Guarantor unless such Debt is also subordinated in right of payment to the Notes or the relevant Note Guaranty on substantially identical terms. This does not apply to distinctions between categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but not all of such Debt.

Anti-Layering. Neither the Company nor any Guarantor may Incur any Debt that is subordinated subordinate in right of payment to other Senior Debt of the Company or the Guarantor unless such Debt is also pari passu with, or subordinated in right of payment to to, the Notes or the relevant Note Guaranty on substantially identical termsGuarantee. This does not apply to distinctions between categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but not all of such Debt.

Anti-Layering. Neither the Company nor any Guarantor may Incur any Debt that is subordinated subordinate in right of payment to other Senior Debt of the Company or the Guarantor unless such Debt is also pari passu with, or subordinated in right of payment to to, the Notes or the relevant Note Guaranty on substantially identical termsGuaranty. This does not apply to distinctions between categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but not all of such Debt.