Pari Passu Position Clause Samples
Pari Passu Position. Each of the Company and the Guarantor agrees that it will not grant or provide, and at no time will it allow to exist, be created or granted, any Liens or security interests in favor of, or Guaranties by Restricted Subsidiaries for the benefit of, any of the Banks, unless in the case of the giving of any guaranty by Restricted Subsidiaries, the Noteholders shall simultaneously be provided with a Subsidiary Guarantee.
Pari Passu Position. The Company agrees that neither it nor its Restricted Subsidiaries shall have outstanding any Debt to commercial banks that is not on a pari passu basis with the Notes.
Pari Passu Position. The Parent and the Obligors agree that they will not grant or provide, and at no time will they allow to exist, be created or granted, any Guaranties by Subsidiaries for the benefit of, any of the bank lenders or other senior lenders to the Parent, the Obligors or Subsidiaries, unless in the case of the giving of any Guaranties by Subsidiaries, the Noteholders shall simultaneously be provided with such Guaranties.
Pari Passu Position. The Borrower agrees that it will not, and will not permit any Restricted Subsidiary to, grant or permit to exist any Lien in favor of the Noteholders. Borrower further agrees that it will not permit a Restricted Subsidiary to give any Guaranty in favor of or for the benefit of the Noteholders unless such Restricted Subsidiary simultaneously shall guaranty Borrower's obligations hereunder by executing and delivering to the Banks a Guarantee Agreement substantially in the form of Exhibit F.