Limitations on Layering Sample Clauses
The "Limitations on Layering" clause restricts the ability to stack or combine multiple layers of insurance or coverage for the same risk or liability. In practice, this means that a party cannot obtain additional insurance policies or coverage layers beyond what is specified in the agreement, or may be limited in how those layers interact, such as prohibiting excess coverage from applying to the same loss. This clause serves to prevent over-insurance, reduce the risk of disputes between insurers, and ensure that liability and coverage responsibilities remain clear and manageable.
Limitations on Layering. Notwithstanding the provisions of Section 4.10, the Company shall not incur, or permit to exist, any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness and senior in any respect in right of payment to any Indebtedness arising under this Agreement and the Note.
Limitations on Layering. No Obligor shall, and shall not permit any of its Subsidiaries to, incur any Indebtedness that is expressly (a) subordinate or junior in right of payment to any Indebtedness arising under any Senior Indebtedness, and (b) senior in any respect in right of payment to any Indebtedness arising under this Agreement and the Note.
Limitations on Layering. The Company shall not, and shall not permit any other Group Member to, incur any Indebtedness that is expressly (i) subordinate or junior in right of payment to any Indebtedness arising under any Senior Indebtedness, and (ii) senior in any respect in right of payment to any Indebtedness arising under this Agreement and the Note.
Limitations on Layering. Notwithstanding the provisions of Section 6.01, the Company shall not incur any Indebtedness that is subordinate or junior in lien priority to the Indebtedness evidenced by the Senior Credit Agreements and senior in lien priority to any Indebtedness arising under this Agreement.
Limitations on Layering. Incur any Indebtedness (other than Indebtedness evidenced by the Loans and the Guarantee under the Guarantee and Collateral Agreement) that is subordinate or junior in right of payment to any Indebtedness or any other obligations of the Borrower or any of its Subsidiaries, unless such Indebtedness is subordinate or junior to the Indebtedness evidenced by the Loans and the Guarantee under the Guarantee and Collateral Agreement in the same manner and to the same extent.
Limitations on Layering. The Company shall not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt of the Company and senior in any respect in right of payment to the Notes. No Guarantor shall incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt of such Guarantor and senior in any respect in right of payment to such Guarantor's Guarantee of the Notes.
Limitations on Layering. Incur any Indebtedness that is subordinate or junior in right of payment to any Indebtedness arising under the Senior Loan Documents and the Senior Subordinated Notes Documents other than (a) “Permitted Indebtedness” (as defined in the Senior Subordinated Note Purchase Agreement as in effect on the Closing Date) and (b) unsecured Indebtedness of the Company or its Subsidiaries incurred in connection with “Permitted Acquisitions” (as defined in the Senior Loan Documents as in effect on the Closing Date) up to an aggregate principal amount of $5,000,000 outstanding at any one time and payable to the corresponding sellers of an acquired business or entity in the form of seller notes, seller earn-outs or similar deferred or contingent purchase price payments (but excluding any payments held in escrow thereunder or representing deferred purchase price payments (excluding seller earn-outs) for a period not exceeding 180 days after the consummation of a Permitted Acquisition).
Limitations on Layering. The Company will not, and will not cause or permit any of its Subsidiaries to, incur any Indebtedness that is both subordinate or junior in right of payment to the Senior Loans and senior or equal in any respect in right of payment to any of the Obligations.