Common use of Limitation on Senior Subordinated Indebtedness Clause in Contracts

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.

Appears in 4 contracts

Samples: Registration Rights Agreement (Alliant Techsystems Inc), Indenture (Alliant Techsystems Inc), Registration Rights Agreement (Alliant Techsystems Inc)

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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 To the extent that are any Subsidiary Guarantors of the Notes, as provided for in Section 17 hereof, 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 the Guarantee of such Indebtedness is pari passu with, Subsidiary Guarantor ranks equally or subordinated subordinate in right of payment to, the to that Subsidiary Guarantor's Guarantee of such Subsidiary Guarantor.the Notes to the same extent. ARTICLE 6

Appears in 1 contract

Samples: Registration Rights Agreement (Walter Industries Inc /New/)

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Limitation on Senior Subordinated Indebtedness. The Company will not shall not, directly or indirectly, Incur any Indebtedness that is 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 other Indebtedness of the Company unless such Indebtedness is pari passu with, or subordinated in right of payment to, the NotesCompany. The Company will shall not permit or cause any Subsidiary Guarantor to, and no Subsidiary Guarantor willshall, directly or indirectly, Incur any Indebtedness that is by its terms would expressly rank senior in right of payment to the Guaranty of such Subsidiary Guarantor and expressly rank subordinate in right of payment to any Senior other 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.

Appears in 1 contract

Samples: Indenture (Gentek Inc)

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