Common use of Anti-Layering Clause in Contracts

Anti-Layering. The Company and the Parent shall not, and shall not permit any Guarantor to, incur, directly or indirectly, any Financial Indebtedness that is subordinated in right of payment to any Financial Indebtedness of the Company or such Guarantor, as the case may be, unless the Financial Indebtedness so incurred is subordinated in right of payment to, the Notes or the relevant Note Guarantee, as the case may be. Unsecured Financial Indebtedness will not be deemed to be subordinated in right of payment to secured Financial Indebtedness solely because it is unsecured, and Financial Indebtedness that is not guaranteed by a particular Person is not deemed to be subordinated in right of payment to Financial Indebtedness that is so guaranteed solely because it is not so guaranteed.

Anti-Layering. The Company and the Parent shall not, not and shall not permit any Guarantor to, to incur, directly or indirectly, any Financial Indebtedness that is subordinated in right of payment to any Financial Indebtedness of the Company or such the Guarantor, as the case may be, unless the Financial Indebtedness so incurred is either pari passu with, or subordinated in right of payment to, the Notes or the relevant Note Subsidiary Guarantee, as the case may be. Unsecured Financial Indebtedness will not be deemed to be subordinated in right of payment to secured Financial Indebtedness solely because it is unsecured, and Financial Indebtedness that is not guaranteed by a particular Person is not deemed to be subordinated in right of payment to Financial Indebtedness that is so guaranteed solely because it is not so guaranteed.

Anti-Layering. The Company and the Parent shall not, not and shall not permit any Guarantor to, to incur, directly or indirectly, any Financial Indebtedness that is subordinated in right of payment to any Financial Indebtedness of the Company or such the Guarantor, as the case may be, unless the Financial Indebtedness so incurred is subordinated in right of payment to, the Notes or the relevant Note Subsidiary Guarantee, as the case may be. Unsecured Financial Indebtedness will not be deemed to be subordinated in right of payment to secured Financial Indebtedness solely because it is unsecured, and Financial Indebtedness that is not guaranteed by a particular Person is not deemed to be subordinated in right of payment to Financial Indebtedness that is so guaranteed solely because it is not so guaranteed.

Anti-Layering. The Company and the Parent shall not, not and shall not permit any Guarantor to, to incur, directly or indirectly, any Financial Indebtedness that is subordinated in right of payment to any Financial Indebtedness of the Company or such the Guarantor, as the case may be, unless the Financial Indebtedness so incurred is subordinated in right of payment to, the Notes or the relevant Note Guarantee, as the case may be. Unsecured Financial Indebtedness will shall not be deemed to be subordinated in right of payment to secured Financial Indebtedness solely because it is unsecured, and Financial Indebtedness that is not guaranteed by a particular Person is not deemed to be subordinated in right of payment to Financial Indebtedness that is so guaranteed solely because it is not so guaranteed.