Common use of Incurrence of Indebtedness and Issuance of Disqualified Stock Clause in Contracts

Incurrence of Indebtedness and Issuance of Disqualified Stock. The Company and any Guarantor shall not, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness, and the Company and any Guarantor shall not issue any Disqualified Stock; provided however, that, (I) the Company and any Guarantor may incur Permitted Indebtedness or issue Permitted Disqualified Stock and (II) the Company and any Guarantor may incur Subordinated Indebtedness that (i) has a stated maturity date that is, and shall only be redeemed or repurchased, no earlier than the 181st day following the Maturity Date, (ii) if secured by any Lien (other than a Permitted Lien (excluding clause (b) under such definition)) on any assets of the Company or any Guarantor, such Lien shall rank junior in priority to Liens on such assets of the Company or Guarantor securing the Notes and (iii) provided that no Subordinated Indebtedness, including that Subordinated Indebtedness that is the subject of the Note Subordination Agreements on the date hereof, may be amended in any manner that is materially adverse to the Holder.

Incurrence of Indebtedness and Issuance of Disqualified Stock. The Company and any Guarantor or Restricted Subsidiary shall not, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness, and the Company and any Guarantor or Restricted Subsidiary shall not issue any Disqualified Stock; provided however, that, that (I) the Company and any Guarantor or Restricted Subsidiary may incur Permitted Indebtedness or issue Permitted Disqualified Stock and (II) the Company and any Guarantor or Restricted Subsidiary may incur Subordinated Indebtedness that (i) has a stated maturity date that is, and shall only be redeemed or repurchased, no earlier than the 181st day following the Maturity Date, (ii) if secured by any Lien (other than a Permitted Lien (excluding clause (b) under such definition)) on any assets of the Company or any GuarantorGuarantor or Restricted Subsidiary, such Lien shall rank junior in priority to Liens on such assets of the Company or Guarantor securing the Notes and (iiiii) provided that no Subordinated Indebtedness, including that Subordinated Indebtedness that is the subject of the Note Subordination Agreements on the date hereof, may be amended in any manner that is materially adverse to the HolderHolders; provided, further, that, the B/D Subsidiaries shall be able to incur Indebtedness in the ordinary course of business or as needed to meet regulatory or clearing house deposit obligations and/or to support customer trading and settlement activity.