Common use of Limitation on Layering Indebtedness Clause in Contracts

Limitation on Layering Indebtedness. (a) The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness that by its terms (or by the terms of any agreement governing such Indebtedness) is or purports to be contractually subordinated in right of payment to any other Indebtedness of the Issuer or such Restricted Subsidiary, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made contractually subordinate in right of payment to the Notes or the Guarantee, if any, of such Restricted Subsidiary to the same extent and in the same manner as such Indebtedness is subordinated in right of payment to such other Indebtedness of the Issuer or such Restricted Subsidiary, as the case may be.

Limitation on Layering Indebtedness. (a) The Issuer Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur Incur any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) is or purports to be contractually subordinated in right of payment to any other Indebtedness of the Issuer Company or such Restricted Subsidiary, as the case may be, unless such -55- Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) contractually (i) designated as ranking PARI PASSU with the Securities or the related Guarantee of such Restricted Subsidiary, as the case may be, or (ii) expressly made contractually subordinate in right of payment to the Notes Securities or the Guarantee, if any, related Guarantee of such Restricted Subsidiary to the same extent and in the same manner as such Indebtedness is contractually subordinated in right of payment to such other Indebtedness of the Issuer Company or such Restricted Subsidiary, as the case may be.

Limitation on Layering Indebtedness. (a) The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness that by its terms (or by the terms of any agreement governing such Indebtedness) is or purports to be contractually subordinated in right of payment to any other Indebtedness of the Issuer or such Restricted Subsidiary, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such IndebtednessIndebt- edness) made contractually subordinate in right of payment to the Notes or the Guarantee, if any, of such Restricted Subsidiary to the same extent and in the same manner as such Indebtedness is subordinated in right of payment to such other Indebtedness of the Issuer or such Restricted Subsidiary, as the case may be.