Common use of Limitation on Layered Indebtedness Clause in Contracts

Limitation on Layered Indebtedness. The Company will not Incur, and will not permit any Guarantor to Incur, any Indebtedness (including any Indebtedness described in clauses (b)(i) through (xvi) of Section 4.12 that is contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or any Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority basis.

Limitation on Layered Indebtedness. The Company will not Incurnot, and will not permit any Note Guarantor to Incurto, directly or indirectly, Incur any Indebtedness (including any Indebtedness described in clauses (b)(i) through (xvi) of Section 4.12 that is contractually subordinated subordinate in right of payment to any other Indebtedness of the Company or such Guarantor Indebtedness, unless such Indebtedness is also contractually subordinated expressly subordinate in right of payment to the Notes or, in the case of a Note Guarantor, its Note Guarantee, to the same extent and on the applicable Note Guarantee on substantially identical termssame terms as such Indebtedness is subordinate to such other Indebtedness; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or any Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority basis.

Limitation on Layered Indebtedness. The Company will not Incurnot, and will not permit any Note Guarantor to Incurto, directly or indirectly, Incur any Indebtedness (including any Indebtedness described in clauses (b)(i) through (xvi) of Section 4.12 that is contractually subordinated subordinate in right of payment to any other Indebtedness of the Company or such Guarantor Indebtedness, unless such Indebtedness is also contractually subordinated expressly subordinate in right of payment to the Notes or, in the case of a Note Guarantor, its Note Guarantee, to the same extent and on the applicable Note Guarantee on substantially identical terms; same terms as such Indebtedness is subordinate to such other Indebtedness; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or any Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority basis.