Limitation on Senior Subordinated Indebtedness. The Company will not Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness and senior in right of payment to the Securities. No Guarantor will Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness of such Guarantor and senior in right of payment to such Guarantor’s Subsidiary Guarantee.
Limitation on Senior Subordinated Indebtedness. The Company will not, and will not permit or cause any Guarantor to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise in any manner become directly or indirectly liable for or with respect to or otherwise permit to exist any Indebtedness that is subordinate in right of payment to any Indebtedness of the Company or such Guarantor, as the case may be, unless such Indebtedness is also pari passu with the Securities or the Guarantee of such Guarantor or subordinated in right of payment to the Securities or such Guarantee at least to the same extent as the Securities or such Guarantee are subordinated in right of payment to Senior Indebtedness or such Guarantor's Senior Guarantor Indebtedness, as the case may be, as set forth in this Indenture.
Limitation on Senior Subordinated Indebtedness. (a) The Company shall not, directly or indirectly, Incur any Indebtedness that by its terms would expressly rank senior in right of payment to the Securities and subordinate in right of payment to any other Indebtedness of the Company.
(b) The Company shall not permit any Guarantor to, and no Guarantor shall, directly or indirectly, Incur any Indebtedness that by its terms would expressly rank senior in right of payment to the Guarantee of such Guarantor and subordinate in right of payment to any other Indebtedness of such Guarantor.
Limitation on Senior Subordinated Indebtedness. The Company will not Incur any Indebtedness that is subordinate in right of payment to any Senior Indebtedness of the Company unless such Indebtedness is pari passu with, or subordinated in right of payment to, the Notes. The Company will not permit or cause any Subsidiary Guarantor to, and no Subsidiary Guarantor will, Incur any Indebtedness that is subordinate in right of payment to any Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness is pari passu with, or subordinated in right of payment to, the Subsidiary Guarantee of such Subsidiary Guarantor.
Limitation on Senior Subordinated Indebtedness. The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become liable for, contingently or otherwise, or become responsible for the payment of, contingently or otherwise, any Indebtedness which is both (i) senior in right of payment to the Securities of any series and (ii) expressly subordinate in right of payment to any other Indebtedness of the Company. For purposes of this Section 1008, Indebtedness is deemed to be senior in right of payment to the Securities of a series if it is not subordinate in right of payment to Senior Indebtedness at least to the same extent as the Securities of such series are subordinate to Senior Indebtedness.
Limitation on Senior Subordinated Indebtedness. The Company will not Incur any Indebtedness that is subordinate in right of payment to any Senior Indebtedness unless such Indebtedness is pari passu with, or subordinate in right of payment to, the Notes. No Subsidiary Guarantor will Incur any Indebtedness that is subordinate in right of payment to any Senior Indebtedness unless such Indebtedness is pari passu with, or subordinate in right of payment to, the Subsidiary Guarantee executed by such Subsidiary Guarantor.
Limitation on Senior Subordinated Indebtedness. (a) The Issuers shall not, directly or indirectly, Incur any Indebtedness that by its terms would expressly rank senior in right of payment to the Securities and expressly rank subordinate in right of payment to any Senior Indebtedness.
(b) The Company shall not permit any Subsidiary Guarantor to and no Subsidiary Guarantor will, directly or indirectly, Incur any Indebtedness that by its terms would expressly rank senior in right of payment to the Subsidiary Guarantee of such Subsidiary Guarantor and expressly rank subordinate in right of payment to any Guarantor Senior Indebtedness of such Subsidiary Guarantor.
Limitation on Senior Subordinated Indebtedness. The Company and the Guarantors shall not Incur any Indebtedness that is subordinate in right of payment to any Senior Indebtedness unless such Indebtedness is pari passu with, or subordinated in right of payment to, the Notes or the Note Guarantee of such Guarantor, as the case may be; provided that the foregoing limitation shall not apply to distinctions between categories of Senior Indebtedness that exist by reason of any Liens or Guarantees arising or created in respect of some but not all Senior Indebtedness.
Limitation on Senior Subordinated Indebtedness. The Company will not Incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is pari passu in right of payment to this Debenture, other than 8.5% convertible subordinated debentures due 2006 (subject to a call to redeem after three years) to be issued by the Company and sold to the Principal Lender, in aggregate principal amount not to exceed Cdn$42.5 million.
Limitation on Senior Subordinated Indebtedness. The Issuer will not Incur any Indebtedness, other than the Notes, that is subordinate in right of payment to any Senior Indebtedness, unless such Indebtedness is also pari passu with, or subordinate in right of payment to, the Notes pursuant to subordination provisions substantially similar to those contained in the Indenture; provided that the foregoing limitation shall not apply to distinctions between categories of Senior Indebtedness of the Issuer that exist by reason of any Liens or Guarantees arising or created in respect of some but not all of such Senior Indebtedness.
