Common use of Limitation on Other Senior Subordinated Indebtedness Clause in Contracts

Limitation on Other Senior Subordinated Indebtedness. The Company will not, directly or indirectly, incur any Debt (including Acquired Debt) that is subordinate in right of payment to any Debt of the Company unless such Debt is either (a) Pari Passu Indebtedness or (b) subordinate in right of payment to the Notes, in the same manner and at least to the same extent as the Notes are subordinate to Senior Indebtedness.

Appears in 2 contracts

Samples: Senior Subordinated Note Purchase Agreement (Chase Venture Capital Associates L P), Subordinated Note Purchase Agreement (Hanger Orthopedic Group Inc)

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Limitation on Other Senior Subordinated Indebtedness. The Company will notshall not incur, issue, create, assume, guarantee or otherwise become directly or indirectly, incur indirectly liable for any Debt (including Acquired Debt) Indebtedness that is subordinate contractually subordinated in right of payment to any Debt of the Company unless such Debt is either (a) Pari Passu Senior Indebtedness or (b) subordinate and contractually senior in right of payment to the Notes, in the same manner and at least to the same extent as the Notes are subordinate to Senior Indebtedness.

Appears in 1 contract

Samples: Nortek Inc

Limitation on Other Senior Subordinated Indebtedness. The Company will notnot incur, directly contingently or indirectlyotherwise, incur any Debt (including Acquired Debt) Indebtedness that is both (i) subordinate in right of payment to any Debt Senior Indebtedness of the Company unless such Debt is either and (aii) Pari Passu Indebtedness or (b) subordinate senior in right of payment to the Notes. For purposes of this Section 4.14, Indebtedness is deemed to be senior in right of payment to the same manner and Notes if it is not explicitly subordinate in right of payment to Senior Indebtedness at least to the same extent as the Notes are subordinate to Senior Indebtedness.

Appears in 1 contract

Samples: Indenture (MMH Holdings Inc)

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Limitation on Other Senior Subordinated Indebtedness. The Company will not, and will cause its Subsidiaries not to, incur, create, assume, guarantee or in any other manner become directly or indirectlyindirectly liable with respect to or responsible for, incur or permit to remain outstanding, any Debt Indebtedness, other than the Notes, that (including Acquired Debti) that is expressly by its terms subordinate or junior in right of payment to any Debt of the Company unless such Debt Senior Indebtedness and (ii) does not expressly provide by its terms that it is either (a) Pari Passu Indebtedness subordinate or (b) subordinate junior in right of payment to the Notes, in the same manner and at least to the same extent as the Notes are subordinate to Senior Indebtedness.

Appears in 1 contract

Samples: Sholodge Inc

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