Common use of Limitation on Secured Debt Clause in Contracts

Limitation on Secured Debt. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to create, incur, issue, assume or guarantee any indebtedness for borrowed money secured by a Mortgage on or upon any Principal Property, whether owned at the date of this Indenture or acquired after the date of this Indenture, without ensuring that the Notes (together, at the Company’s option, with any other indebtedness created, issued, assumed or guaranteed by the Company or any of its Restricted Subsidiaries then existing or thereafter created) will be secured by such Mortgage equally and ratably with (or, at the Company’s option, prior to) such indebtedness for so long as such indebtedness is so secured.

Limitation on Secured Debt. (a) The Company Venator will not, and will not permit any of its Restricted Subsidiaries to create, incur, issue, assume or guarantee any indebtedness for borrowed money secured by a Mortgage on or upon any Principal Property, whether owned at the date of this Indenture or acquired after the date of this Indenture, without ensuring that the Notes (together, at the CompanyVenator’s option, with any other indebtedness created, issued, assumed or guaranteed by the Company Venator or any of its Restricted Subsidiaries then existing or thereafter created) will be secured by such Mortgage equally and ratably with (or, at the CompanyVenator’s option, prior to) such indebtedness for so long as such indebtedness is so secured.

Limitation on Secured Debt. (a) The Company will shall not, and will shall not permit any of its Restricted Subsidiaries to to, create, incur, issue, assume or guarantee any indebtedness for borrowed money Indebtedness secured by a Mortgage on or upon any Principal Property, whether owned at the date of this Indenture or acquired after the date of this Indenture, without ensuring that the Notes (together, at the Company’s option, with any other indebtedness Indebtedness created, issued, assumed or guaranteed by the Company or any of its Restricted Subsidiaries then existing or thereafter created) will shall be secured by such Mortgage equally and ratably with (or, at the Company’s option, prior to) such indebtedness Indebtedness for so long as such indebtedness Indebtedness is so secured.