Subordination of Senior Subordinated Notes. The Obligations are “Senior Debt,” the Guaranteed Obligations are “Guarantor Senior Debt” and the Obligations and Guaranteed Obligations are “Designated Senior Debt,” in each case, within the meaning of the Senior Subordinated Note Documents.
Subordination of Senior Subordinated Notes. Payments on this Note, and the rights of the Holder and of all guarantees with respect hereto, are subordinate and junior in right of payment, to the extent specified in this Section 4, to Senior Indebtedness (as defined below).
Subordination of Senior Subordinated Notes. Only Indebtedness of the Company or a Subsidiary Guarantor that is Senior Indebtedness will rank senior to such Person's obligations with respect to the Senior Subordinated Notes or its Subsidiary Guarantee thereof, as the case may be, in accordance with the provisions of the Senior Subordinated Indenture. Such Person's obligations with respect to the Senior Subordinated Notes or such Person's Subsidiary Guarantee, as the case may be, ranks pari passu in right of payment with all other Senior Subordinated Indebtedness of such Person. The Senior Subordinated Indenture provides that the Company will not Incur, and will not permit any Subsidiary Guarantor to Incur, directly or indirectly, any Indebtedness that is expressly subordinated in right of payment to Senior Indebtedness of the Company or such Subsidiary Guarantor, as the case may be, unless such Indebtedness is pari passu with, or subordinated in right of payment to, the Senior Subordinated Notes or the relevant Subsidiary Guarantee, as the case may be. Indebtedness that is unsecured or secured by a junior Lien is not deemed to be subordinate or junior to secured Indebtedness merely because it is unsecured or secured by a junior Lien, and Indebtedness that is not guaranteed by a particular Person is not deemed to be subordinate or junior to Indebtedness that is so guaranteed merely because it is not so guaranteed. See "—Certain Covenants— Limitation on Layering (Senior Subordinated Notes Only)" below. The Company may not pay principal of, or premium (if any) or interest on, the Senior Subordinated Notes or make any deposit pursuant to the provisions described under "—Defeasance" below and may not otherwise purchase, redeem or otherwise retire any Senior Subordinated Notes (collectively, "pay the Senior Subordinated Notes") if (i) any Designated Senior Indebtedness of the Company is not paid in full in cash or Cash Equivalents when due or (ii) any other default on Designated Senior Indebtedness of the Company occurs and the maturity of such Designated Senior Indebtedness is accelerated in accordance with its terms (either such event, a "Payment Default") unless, in either case, (x) the Payment Default has been cured or waived and any such acceleration has been rescinded in writing or (y) such Designated Senior Indebtedness has been paid in full in cash or Cash Equivalents. However, the Company may pay the Senior Subordinated Notes without regard to the foregoing if the Company and the Senior Subordinat...
Subordination of Senior Subordinated Notes. The Term Loans and the Guaranteed Obligations are “Senior Debt,” within the meaning of and for all purposes under the Senior Subordinated Notes Indenture. Without limiting the foregoing, the Term Loans and the Guaranteed Obligations shall at all times constitute “Senior Debt” or the equivalent thereof for all purposes of the Senior Subordinated Notes and, to the extent that any designation thereof is required by the subordination provisions applicable to the Senior Subordinated Notes, the Term Loans and the Guaranteed Obligations at all times shall be designated in a writing addressed to the trustee under such indenture and executed by the Borrower as “Senior Debt” or the equivalent thereof for all purposes of the Senior Subordinated Notes.
Subordination of Senior Subordinated Notes. This Agreement constitutes the Senior Credit Facility referenced in the Senior Subordinated Note Indenture and the Obligations are “Designated Senior Debt” as defined in Article 10 of the Senior Subordinated Note Indenture, such that the Senior Subordinated Notes are subordinated to the Obligations in the manner provided in Article 10 of the Senior Subordinated Note Indenture.
Subordination of Senior Subordinated Notes. The Secured Obligations are “Senior Indebtedness” (or the equivalent thereof), the Guaranteed Obligations are “Guarantor Senior Indebtedness” (or the equivalent thereof) and the Secured Obligations and the Guaranteed Obligations are “Designated Senior Indebtedness” (or the equivalent thereof), in each case, within the meaning of the Senior Subordinated Notes Documents.
