Common use of Limitations on Issuances of Guarantees of Indebtedness Clause in Contracts

Limitations on Issuances of Guarantees of Indebtedness. The Company shall not permit any Restricted Subsidiary, directly or indirectly, to Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company unless either such Restricted Subsidiary (x) is a Subsidiary Guarantor or (y) simultaneously executes and delivers a supplemental indenture to the Indenture providing for the Guarantee of the payment of the Notes by such Restricted Subsidiary, which Guarantee shall be senior to or pari passu with such Restricted Subsidiary's Guarantee of or pledge to secure such other Indebtedness. Notwithstanding the foregoing, any such Guarantee by a Restricted Subsidiary of the Notes shall provide by its terms that it shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company's stock in, or all or substantially all the assets of, such Restricted Subsidiary, which sale, exchange or transfer is made in compliance with the applicable provisions hereof. The form and substance of such Guarantee shall be substantially similar to EXHIBIT D hereto.

Appears in 4 contracts

Samples: Supplemental Indenture (Ameriserve Transportation Inc), Supplemental Indenture (Apcoa Inc), Supplemental Indenture (Century Parking Inc)

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Limitations on Issuances of Guarantees of Indebtedness. The Company shall not permit any Restricted Subsidiary, directly or indirectly, to incur Indebtedness or Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company or any Restricted Subsidiary unless either such Restricted Subsidiary (x1) is a Subsidiary Guarantor or (y2) simultaneously executes and delivers a supplemental indenture to the this Indenture providing for the Guarantee of the payment of the Notes by such Restricted Subsidiaryand becomes a Guarantor, which Guarantee shall (a) with respect to any Guarantee of Senior Indebtedness, be subordinated in right of payment on the same terms as the Securities are subordinated to such Senior Indebtedness and (b) with respect to any Guarantee of any other Indebtedness, be senior to or pari passu with such Restricted Subsidiary's ’s other Indebtedness or Guarantee of or pledge to secure such other Indebtedness. Notwithstanding the foregoingpreceding paragraph, any such Subsidiary Guarantee by a Restricted Subsidiary of the Notes Securities shall provide by its terms that it shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company's stock in, or all or substantially all the assets of, such Restricted Subsidiary, which sale, exchange or transfer is made in compliance with the applicable provisions hereof. The form and substance of such Guarantee shall be substantially similar to EXHIBIT D hereto.discharged:

Appears in 1 contract

Samples: Indenture (Oci Holdings Inc)

Limitations on Issuances of Guarantees of Indebtedness. The Company shall not permit any Restricted Subsidiaryof its Subsidiaries, directly or indirectly, to Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company unless either such Restricted Subsidiary (x) is a Subsidiary Guarantor or (y) simultaneously executes and delivers a supplemental indenture indentures to the this Indenture providing for the Guarantee of the payment of the Notes by such Restricted Subsidiary, which Guarantee shall be unsecured, but otherwise shall be senior to or pari passu with such Restricted Subsidiary's Guarantee of or pledge to secure such other Indebtedness; provided, however, that such Guarantee may be subordinated to any Guarantee of Senior Debt to the same extent that the Notes are subordinated to such Senior Debt. Notwithstanding the foregoing, any such Guarantee by a Restricted Subsidiary of the Notes shall provide by its terms that it shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company's stock in, or all or substantially all the assets of, such Restricted Subsidiary, which sale, exchange or transfer is made in compliance with the applicable provisions hereofof this Indenture. The form and substance of such Guarantee shall be substantially similar is attached as an exhibit to EXHIBIT D heretothis Indenture.

Appears in 1 contract

Samples: Indenture (Printpack Inc)

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Limitations on Issuances of Guarantees of Indebtedness. The Company shall not permit any Restricted Subsidiaryof its Subsidiaries, directly or indirectly, to Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company unless either such Restricted Subsidiary (x) is a Subsidiary Guarantor or (y) simultaneously executes and delivers a supplemental indenture indentures to the this -45- 49 Indenture providing for the Guarantee of the payment of the Notes by such Restricted Subsidiary, which Guarantee shall be unsecured, but otherwise shall be senior to or pari passu with such Restricted Subsidiary's Guarantee of or pledge to secure such other Indebtedness. Notwithstanding the foregoing, any such Guarantee by a Restricted Subsidiary of the Notes shall provide by its terms that it shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company's stock in, or all or substantially all the assets of, such Restricted Subsidiary, which sale, exchange or transfer is made in compliance with the applicable provisions hereofof this Indenture. The form and substance of such Guarantee shall be substantially similar is attached as an exhibit to EXHIBIT D heretothis Indenture.

Appears in 1 contract

Samples: Indenture (Printpack Inc)

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