Limitation on Additional Debt. Until the full principal amount of the Surplus Notes and any interest incurred thereon has been paid to the Holders, the Issuer shall not issue any debt obligations (i) to which the Surplus Notes would be subordinated or with which they would rank pari passu or (ii) the principal of which is payable, in whole or in part, prior to the payment in full of the principal of the Surplus Notes and interest incurred thereon.
Appears in 3 contracts
Samples: Surplus Note Purchase Agreement (White Mountains Insurance Group LTD), Surplus Note Purchase Agreement (White Mountains Insurance Group LTD), Surplus Note Purchase Agreement (White Mountains Insurance Group LTD)
Limitation on Additional Debt. Until the full principal amount of the Surplus Notes and any interest incurred thereon has been paid to the Holders, the Issuer shall not issue any debt obligations (i) to which the Surplus Notes would be subordinated or with which they would rank pari passu or (ii) the principal of which is payable, in whole or in part, prior to the payment in full of the principal of the Surplus Notes and interest incurred thereon.subordinated
Appears in 1 contract
Samples: Surplus Note Purchase Agreement (White Mountains Insurance Group LTD)
