Common use of Limitation on Layering Clause in Contracts

Limitation on Layering. (a) The Issuer shall not permit any Restricted Guarantor to, directly or indirectly, incur any Indebtedness that is subordinate in right of payment to any Designated Senior Indebtedness of such Restricted Guarantor, as the case may be, unless such Indebtedness is either: (1) equal in right of payment with the such Restricted Guarantor’s Guarantee of the Notes; or (2) expressly subordinated in right of payment to such Restricted Guarantor’s Guarantee of the Notes. (b) For the purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, and unsubordinated Indebtedness is not deemed to be subordinated or junior to any other unsubordinated Indebtedness merely because it has a junior priority with respect to the same collateral.

Limitation on Layering. (a) The Issuer shall Company will not permit any Restricted Guarantor to, directly or indirectly, incur any Indebtedness that is subordinate in right of payment to any Designated Senior Indebtedness Debt of such Restricted Guarantor, as the case may be, unless such Indebtedness is either: (1a) equal in right of payment with the such Restricted Guarantor’s Guarantee of the NotesNote Guarantee; or (2b) expressly subordinated in right of payment to such Restricted Guarantor’s Guarantee of the Notes. (b) Note Guarantee; provided, however, that this Section 6.05 shall not apply to any Indebtedness that is incurred pursuant to Section 6.10(B)(a). For the purposes of this Indenture, Indebtedness that is (1) unsecured is shall not be deemed to be as subordinated or junior to Secured Indebtedness merely because it is unsecured, and unsecured or (2) unsubordinated Indebtedness is shall not be deemed to be as subordinated or junior to any other unsubordinated Indebtedness merely because it has a junior priority with respect to the same collateral.

Limitation on Layering. (a) The Notwithstanding anything to the contrary, the Company, the Co-Issuer shall not permit or any Restricted Guarantor towill not, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinate subordinated in right of payment to any Designated Senior Indebtedness of the Company, the Co-Issuer or such Restricted Guarantor, as the case may beapplicable, unless such Indebtedness is either: (1) equal in right of payment with the Notes or such Restricted Guarantor’s Guarantee of the NotesGuarantee, as applicable; or (2) expressly subordinated in right of payment to the Notes or such Restricted Guarantor’s Guarantee of the Notes. (b) Guarantee, as applicable be. For the purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, and unsubordinated Senior Indebtedness is not deemed to be subordinated or junior to any other unsubordinated Senior Indebtedness merely because it has a junior priority with respect to the same collateral.

Limitation on Layering. (a) The Issuer shall not permit any Restricted Guarantor to, directly or indirectly, incur any Indebtedness that is subordinate in right of payment to any Designated Senior Indebtedness of such Restricted Guarantor, as the case may be, unless such Indebtedness is either: (1) equal in right of payment with the such Restricted Guarantor’s Guarantee of the Notes; or (2) expressly subordinated in right of payment to such Restricted Guarantor’s Guarantee of the Notes. (b) For the purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, and unsubordinated Indebtedness is not deemed to be subordinated or junior to any other unsubordinated Indebtedness merely because it has a junior priority with respect to the same collateral.

Limitation on Layering. (a) The Issuer shall not, and shall not permit any Restricted Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinate subordinated in right of payment to any Designated Senior Indebtedness of the Issuer or such Restricted Guarantor, as the case may be, unless such Indebtedness is either: (1a) equal in right of payment with the Notes or such Restricted Guarantor’s Guarantee of the Notes, as the case may be; or (2b) expressly subordinated in right of payment to the Notes or such Restricted Guarantor’s Guarantee of the Notes. (b) , as the case may be. For the purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, and unsubordinated Senior Indebtedness is not deemed to be subordinated or junior to any other unsubordinated Senior Indebtedness merely because it has a junior priority with respect to the same collateral.