Limitation on Layered Debt. The Subsidiary Guarantors shall not Incur, create, issue, assume, guarantee or otherwise become liable for any Debt that is subordinate or junior in right of payment to any Senior Debt of the Subsidiary Guarantors and senior in any respect in right of payment to the Guarantees or any other Pari passu Debt of the Subsidiary Guarantors; provided that the foregoing limitation will not apply to distinctions between categories of Senior Debt that exist by reason of any Liens or guarantees arising or created in respect of some but not all of such Senior Debt or pursuant to the Intercreditor Agreement (or any Additional Intercreditor Agreement).
Limitation on Layered Debt. The Company shall not, and shall not permit any Subsidiary to, incur, directly or indirectly, any Debt that is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Subordinated Debt or is expressly subordinated in right of payment to Senior Subordinated Debt.
Limitation on Layered Debt. The Company shall not permit any Subsidiary Guarantor to Incur, directly or indirectly, any Debt that is subordinate or junior in right of payment to any Senior Debt unless such debt is expressly subordinated in right of payment to, or ranks pari passu with, the Obligations under its Subsidiary Guaranty.
Limitation on Layered Debt. The Company shall not, and shall not permit any Subsidiary Guarantor to, incur, directly or indirectly, any Debt that is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Subordinated Debt or is expressly subordinated in right of payment to Senior Subordinated Debt. In addition, no Subsidiary Guarantor shall Guarantee, directly or indirectly, any Debt of the Company that is subordinate or junior in right of payment to any Senior Debt unless such Guarantee is expressly subordinate in right of payment to, or ranks PARI PASSU with, the Subsidiary Guarantee of such Subsidiary Guarantor or any guarantee by such Subsidiary Guarantor of Exchange Debentures (or any guarantees by such Subsidiary Guarantor ranking PARI PASSU therewith).
Limitation on Layered Debt. Section 4.10 of the Indenture is hereby amended to read in its entirety as set forth below:
Limitation on Layered Debt. The Company will not (i) directly or indirectly, Incur any Indebtedness that by its terms would expressly rank senior in right of payment to the Notes and rank subordinate in right of payment to any other Indebtedness of the Company and (ii) cause or permit any Guarantor to, and no Guarantor will, directly or indirectly, incur any Indebtedness that by its terms would expressly rank senior in right of payment to the Guarantee of such Guarantor and rank subordinate in right of payment to any other Indebtedness of such Guarantor; provided, however, that no Indebtedness shall be deemed to be -------- ------- subordinated solely by virtue of being unsecured.
Limitation on Layered Debt. (a) The Issuer will not Incur any Debt (including Permitted Debt) that is contractually subordinated in right of payment to any other Debt of the Issuer unless such Debt is also contractually subordinated in right of payment to the Notes on substantially identical terms and no Guarantor will Incur any Debt (including Permitted Debt) that is contractually subordinated in right of payment to any other Debt of such Guarantor unless such Debt is pari passu with such Guarantor’s Guarantee or is also contractually subordinated in right of payment to, such Guarantor’s Guarantee on substantially identical terms; provided, however, that no Debt will be deemed to be contractually subordinated in right of payment to any other Debt of the Issuer or the Guarantor solely by virtue of being unsecured or by virtue of being secured with different collateral or by virtue of being secured on a junior priority basis or by virtue of the application of waterfall or other payment ordering provisions affecting different tranches of Debt.
Limitation on Layered Debt. The Parent and the Company shall not, and shall not permit any Guarantor to, Incur, directly or indirectly, any Debt that is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Debt incurred under the Senior Credit Facility, Senior Subordinated Debt or is expressly subordinated in right of payment to Senior Subordinated Debt. In addition, no Guarantor shall Guarantee, directly or indirectly, any Debt of the Company that is subordinate or junior in right of payment to any Senior Debt unless such Guarantee is expressly subordinate in right of payment to, or ranks PARI PASSU with, the Guarantee of such Guarantor. No Debt of the Parent, the Company or any Guarantor will be deemed to be subordinated in right of payment to any other Debt of the Parent, the Company or any Guarantor solely by virtue of being unsecured or by virtue of the fact that the 62 holders of such Debt have entered into intercreditor agreements or arrangements giving one or more of such holders priority over the other holders in the collateral held by them.
Limitation on Layered Debt. (a) The Subsidiary Guarantors shall not incur, create, issue, assume, guarantee or otherwise become liable for (a) any Debt that is subordinate or junior in right of payment to any Senior Debt of the applicable Subsidiary Guarantor and senior in any respect in right of payment to such Subsidiary Guarantor’s Guarantee or any other Pari Passu Debt of such Subsidiary Guarantor or (b) any Secured Debt that is not Senior Debt of such Subsidiary Guarantor (except to the extent such Debt is secured only by a Lien arising solely by operation of applicable law) unless contemporaneously therewith such Subsidiary Guarantor makes effective provision to secure the Guarantee of such Subsidiary Guarantor equally and ratably with (or prior to, in the case of Debt subordinated in right of payment to such Guarantee) such Secured Debt for so long as such Secured Debt is secured by a Lien. Unsecured Debt is not deemed to be subordinate or junior to Secured Debt merely because it is unsecured, and Debt that is not guaranteed by a particular Person is not deemed to be subordinate or junior to Debt that is so guaranteed merely because it is not so guaranteed.
Limitation on Layered Debt. Section 5.01
