Common use of Limitation on Layering Debt Clause in Contracts

Limitation on Layering Debt. The Company may not create, incur, assume or suffer to exist any Debt that is subordinate in right of payment to any other Debt of the Company, unless, by its terms or the terms of the instrument creating or evidencing it, such Debt is subordinate in right of payment to, or ranks PARI PASSU with, the Securities.

Limitation on Layering Debt. The Company may not create, incur, assume or suffer to exist any Debt Indebtedness that is subordinate in right of payment to any other Debt debt of the Company, unless, by its terms or the terms of the instrument creating or evidencing it, such Debt Indebtedness is subordinate in right of payment to, or ranks PARI PASSU pari pasu with, the Securities.

Limitation on Layering Debt. The Company may not create, incur, assume or suffer to exist any Debt Indebtedness that is subordinate in right of payment to any other Debt debt of the Company, unless, by its terms or the terms of the instrument creating or evidencing it, such Debt Indebtedness is subordinate in right of payment to, or ranks PARI PASSU pari passu with, the Securities.

Limitation on Layering Debt. The Company may not create, incur, assume or suffer to exist any Debt Indebtedness that is subordinate in right of payment to any other Debt indebtedness of the Company, unless, by its terms or the terms of the instrument creating or evidencing it, such Debt Indebtedness is subordinate in right of payment to, or ranks PARI PASSU with, the Securities.