Common use of Limitation on Layered Debt Clause in Contracts

Limitation on Layered Debt. The Company shall not, and shall not permit any Subsidiary Guarantor to, incur, directly or indirectly, any Debt that is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Subordinated Debt or is expressly subordinated in right of payment to Senior Subordinated Debt. In addition, no Subsidiary Guarantor shall Guarantee, directly or indirectly, any Debt of the Company that is subordinate or junior in right of payment to any Senior Debt unless such Guarantee is expressly subordinate in right of payment to, or ranks PARI PASSU with, the Subsidiary Guarantee of such Subsidiary Guarantor or any guarantee by such Subsidiary Guarantor of Exchange Debentures (or any guarantees by such Subsidiary Guarantor ranking PARI PASSU therewith).

Limitation on Layered Debt. The Company shall not, and shall not permit any Subsidiary Guarantor to, incurIncur, directly or indirectly, any Debt that is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Subordinated Debt or is expressly subordinated in right of payment to Senior Subordinated Debt. In addition, no Subsidiary Guarantor shall Guarantee, directly or indirectly, any Debt of the Company that is subordinate or junior in right of payment to any Senior Debt unless such Guarantee is expressly subordinate in right of payment to, or ranks PARI PASSU pari passu with, the Subsidiary Guarantee Guaranty of such Subsidiary Guarantor or any guarantee by such Subsidiary Guarantor of Exchange Debentures (or any guarantees by such Subsidiary Guarantor ranking PARI PASSU therewith)Guarantor.

Limitation on Layered Debt. The Company shall not, and --------------------------- shall not permit any Subsidiary Guarantor to, incurIncur, directly or indirectly, any Debt that which is subordinate or junior in right of payment to any Senior Debt unless such Debt is Senior Subordinated Debt or is expressly subordinated in right of payment to Senior Subordinated Debt. In addition, no Subsidiary Guarantor shall Guarantee, directly or indirectly, any Debt of the Company that is subordinate or junior in right of payment to any Senior Debt unless such Guarantee is expressly subordinate in right of payment to, or ranks PARI PASSU pari passu with, the ---- ----- Subsidiary Guarantee Guaranty of such Subsidiary Guarantor or any guarantee by such Subsidiary Guarantor of Exchange Debentures (or any guarantees by such Subsidiary Guarantor ranking PARI PASSU therewith)Guarantor.