Common use of Pari Passu Position Clause in Contracts

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. Each of the 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 Guarantees 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. Each of the 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 BanksLenders, unless in the case of the giving of any guaranty Guaranty by Restricted Subsidiaries, the Noteholders shall simultaneously be provided with a Subsidiary Guarantee.

Pari Passu Position. Each of the 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 Guarantees 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." (s) A new Section 7.15 shall be added to the Original Agreement as follows:

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 BanksLenders, unless in the case of the giving of any guaranty Guaranty by Restricted Subsidiaries, the Noteholders shall simultaneously be provided with a Subsidiary Guarantee.