Common use of No Layering of Debt Clause in Contracts

No Layering of Debt. The Company will not, and will not permit any Guarantor to, incur or suffer to exist Indebtedness that is contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, unless such Indebtedness is also contractually subordinated in right of payment to the Notes or such Guarantor’s Guarantee, as the case may be. For purposes of the foregoing, no Indebtedness will be deemed subordinated in right of payment to any other Indebtedness by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis.

No Layering of Debt. The Company will notnot incur, and will not permit any Subsidiary Guarantor toto incur, incur or suffer to exist any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, Subsidiary Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes or such Guarantor’s Guaranteeand the applicable Note Guarantee on substantially identical terms; provided, as the case may be. For purposes of the foregoinghowever, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien priority basis.

No Layering of Debt. The Company will notnot incur, and will not permit any Guarantor toto incur, incur or suffer to exist any Indebtedness that is contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes or such Guarantor’s GuaranteeDebentures and the applicable Debenture Guarantee on substantially identical terms; provided, as the case may be. For purposes of the foregoinghowever, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis.