Common use of Limitations on Layering Indebtedness Clause in Contracts

Limitations on Layering Indebtedness. (a) The Issuer shall not, and shall not permit any Guarantor to, directly or indirectly, incur or suffer to exist any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior in right of payment to the Notes or the Note Guarantee of such Guarantor and subordinated in right of payment to any other Indebtedness of the Issuer or of such Guarantor, as the case may be. (b) For purposes of the foregoing, no Indebtedness shall be deemed to be subordinated in right of payment to any other Indebtedness of the Issuer or any Guarantor solely by virtue of being unsecured or secured by a junior priority lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them.

Limitations on Layering Indebtedness. (a) The Issuer and the Co-Issuer shall not, and shall not permit any Guarantor Restricted Subsidiary to, directly or indirectly, incur or suffer to exist any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior in right of payment to the Notes or the Note Guarantee of such Guarantor Restricted Subsidiary and subordinated in right of payment to any other Indebtedness of the Issuer, the Co-Issuer or of such GuarantorRestricted Subsidiary, as the case may be. (b) . For purposes of the foregoing, no Indebtedness shall will be deemed to be subordinated in right of payment to any other Indebtedness of the Issuer, the Co-Issuer or any Guarantor Restricted Subsidiary solely by virtue of being unsecured or secured by a junior priority lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them.

Limitations on Layering Indebtedness. (a) The Issuer shall not, and shall not permit any Guarantor to, directly or indirectly, incur or suffer to exist any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior in right of payment to the Notes or the Note Guarantee of such Guarantor and subordinated in right of payment to any other Indebtedness of the Issuer Issuer, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such GuarantorIndebtedness) made expressly subordinate to the Notes, to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of the case may be. (b) Issuer. For purposes of the foregoing, no Indebtedness shall will be deemed to be subordinated in right of payment to any other Indebtedness of the Issuer or any Guarantor solely by virtue of being unsecured or secured by a junior priority lien Lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them.

Limitations on Layering Indebtedness. (a) The Issuer shall will not, and shall will not permit any Guarantor Restricted Subsidiary to, directly or indirectly, incur or suffer to exist any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior in right of payment to the Notes or the Note Guarantee of such Guarantor Restricted Subsidiary and subordinated in right of payment to any other Indebtedness of the Issuer or of such GuarantorRestricted Subsidiary, as the case may be. (b) . For purposes of the foregoing, no Indebtedness shall will be deemed to be subordinated in right of payment to any other Indebtedness of the Issuer or any Guarantor Restricted Subsidiary solely by virtue of being unsecured or secured by a junior priority lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them.

Limitations on Layering Indebtedness. (a) The Issuer Issuers shall not, and shall not permit any Guarantor Restricted Subsidiary to, directly or indirectly, incur or suffer to exist any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior in right of payment to the Notes or the Note Guarantee of such Guarantor Restricted Subsidiary and subordinated in right of payment to any other Indebtedness of the Issuer Issuers or of such GuarantorRestricted Subsidiary, as the case may be. (b) . For purposes of the foregoing, no Indebtedness shall will be deemed to be subordinated in right of payment to any other Indebtedness of the Issuer Issuers or any Guarantor Restricted Subsidiary solely by virtue of being unsecured or secured by a junior priority lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them.

Limitations on Layering Indebtedness. (a) The Issuer shall will not, and shall will not permit any Subsidiary Guarantor to, directly or indirectly, incur or suffer to exist any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior in right of payment to the Notes or the Note Guarantee of such Subsidiary Guarantor and subordinated in right of payment to any other Indebtedness of the Issuer or of such Subsidiary Guarantor, as the case may be. (b) For purposes of the foregoing, no . Unsecured Indebtedness shall will not be deemed treated as subordinated or junior to secured Indebtedness merely because it is unsecured and secured Indebtedness will not be treated as subordinated in right of payment or junior to any other secured Indebtedness of the Issuer or any Guarantor solely by virtue of being unsecured or secured by merely because it has a junior priority lien with respect to the same collateral or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them.

Limitations on Layering Indebtedness. (a) The Issuer Company shall not, not and shall not permit any Guarantor to, directly or indirectly, incur or suffer to exist any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior in right of payment to the Notes or the Note Guarantee of such Guarantor and expressly rank subordinated in right of payment to any of the Company’s other Indebtedness of the Issuer or Indebtedness of such Guarantor, as the case may be. (b) . For purposes of the foregoingthis Section 4.16, no Indebtedness shall be deemed to be subordinated in right of payment to any other of the Company’s Indebtedness or the Indebtedness of the Issuer or any Guarantor solely by virtue of being unsecured or secured by a junior priority lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them.