Common use of Incurrence of Layered Indebtedness Clause in Contracts

Incurrence of Layered Indebtedness. (i) The Company shall not Incur any Indebtedness which is subordinated or junior in right of payment to any Senior Indebtedness of the Company unless such Indebtedness constitutes Indebtedness which is junior to, or pari passu with, the Securities in right of payment and (ii) no Subsidiary Guarantor shall Incur any Indebtedness that is subordinated or junior in right of payment to any Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness constitutes Indebtedness which is junior to, or pari passu with, such Subsidiary Guarantor's Subsidiary Guaranty in right of payment.

Incurrence of Layered Indebtedness. (ia) The Company shall will not Incur any Indebtedness which is subordinated or junior in right of payment to any Senior Indebtedness of the Company unless such Indebtedness constitutes Indebtedness which is junior to, or pari passu PARI PASSU with, the Securities in right of payment and (iib) no Subsidiary Guarantor shall will Incur any Indebtedness that is subordinated or junior in right of payment to any Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness constitutes Indebtedness which is junior to, or pari passu PARI PASSU with, such Subsidiary Guarantor's Subsidiary Guaranty Guarantee in right of payment.

Incurrence of Layered Indebtedness. The Indenture provides that: (ia) The the Company shall will not Incur any Indebtedness which that is subordinated or junior in right of payment to any Senior Indebtedness of the Company unless such Indebtedness constitutes Indebtedness which that is junior to, or pari passu with, the Securities 10.25% Notes in right of payment and payment; and (iib) no Subsidiary Guarantor shall will Incur any Indebtedness that is subordinated or junior in right of payment to any Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness constitutes Indebtedness which that in right of payment is junior to, or pari passu with, such Subsidiary Guarantor's Subsidiary Guaranty in right of paymentGuaranty.

Incurrence of Layered Indebtedness. The Indenture provides that: (ia) The the Company shall will not Incur any Indebtedness which that is subordinated or junior in right of payment to any Senior Indebtedness of the Company unless such Indebtedness constitutes Indebtedness which that is junior to, or pari passu with, the Securities 9 3/8% Notes in right of payment and payment; and (iib) no Subsidiary Guarantor shall will Incur any Indebtedness that is subordinated or junior in right of payment to any Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness constitutes Indebtedness which that in right of payment is junior to, or pari passu with, such Subsidiary Guarantor's Subsidiary Guaranty in right of paymentGuaranty.

Incurrence of Layered Indebtedness. (ia) The Company shall will not Incur any Indebtedness which is subordinated or junior in right of payment to any Senior Indebtedness of the Company unless such Indebtedness constitutes Indebtedness which is junior to, or pari passu with, the Securities in right of payment and payment. (iib) no No Subsidiary Guarantor shall will Incur any Indebtedness that is subordinated or junior in right of payment to any Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness constitutes Indebtedness which is junior to, or pari passu with, such Subsidiary Guarantor's Subsidiary Guaranty in right of payment.