Common use of Limitation on Layering Clause in Contracts

Limitation on Layering. Notwithstanding anything to the contrary, the Issuer shall not, and shall not permit any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinate in right of payment to any Senior Indebtedness of the Issuer or such Guarantor, as the case may be, unless such Indebtedness is either. (a) equal in right of payment with the Notes or such Subsidiary Guarantor’s Guarantee of the Notes, as the case may be; or (b) expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes, as the case may be. For purposes of this Indenture, Indebtedness that is unsecured shall not be treated as subordinated or junior to Secured Indebtedness merely because it is unsecured, and Senior Indebtedness shall not be treated as subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with respect to the same collateral.

Limitation on Layering. Notwithstanding anything to the contrary, the (a) The Issuer shall not, and shall not permit any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinate in right of payment to any Senior Indebtedness of the Issuer or such Guarantor, as the case may be, unless such Indebtedness is either.: (a1) equal in right of payment with the Notes or such Subsidiary Guarantor’s Guarantee of the Notes, as the case may be; or (b2) expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes, as the case may be. . (b) For the purposes of this Indenture, Indebtedness that is unsecured shall not be treated as deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, unsecured and Senior Indebtedness shall not be treated as deemed to be subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with respect to the same collateral regardless of whether such lien subordination is effective notwithstanding the validity or enforceability of the Liens on such collateral.

Limitation on Layering. Notwithstanding anything in this Indenture to the contrary, the Issuer shall not, and shall not permit any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinate in right of payment to any Senior Indebtedness of the Issuer or such Guarantor, as the case may be, unless such Indebtedness is either.: (a) equal in right of payment with the Notes or such Subsidiary Guarantor’s Guarantee of the Notes, as the case may be; or (b) expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes, as the case may be. For the purposes of this Indenture, (1) Indebtedness that is unsecured shall is not deemed to be treated as subordinated or junior to Secured Indebtedness merely because it is unsecured, and (2) Senior Indebtedness shall is not deemed to be treated as subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with respect to the same collateralcollateral and (3) Indebtedness that is not guaranteed is not deemed to be subordinated or junior to any other Indebtedness merely because it is not guaranteed.

Limitation on Layering. Notwithstanding anything to the contrary, the Issuer The Company shall not, and shall not permit any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired IndebtednessDebt) that is subordinate in right of payment to any Senior Indebtedness Debt of the Issuer Company or such Guarantor, as the case may be, unless such Indebtedness is either.: (a) equal in right of payment with the Notes or such Subsidiary Guarantor’s Guarantee of the NotesSubsidiary Guarantee, as the case may be; or (b) expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the NotesSubsidiary Guarantee, as the case may be. For purposes of this Indenture, This Indenture does not treat (1) unsecured Indebtedness that is unsecured shall not be treated as subordinated or junior to Secured secured Indebtedness merely because it is unsecured, and Senior (2) secured Indebtedness shall not be treated as subordinated or junior to any other Senior secured Indebtedness merely because it has a junior priority with respect to the same collateral, (3) any Indebtedness as subordinated to any other Indebtedness merely because of maturity date, order of payment or order of application of funds or (4) Indebtedness that is not Guaranteed as subordinated to Indebtedness that is Guaranteed merely because of such Guarantee.

Limitation on Layering. Notwithstanding anything to the contrary, the Issuer The Company shall not, and shall not permit any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinate in right of payment to any Senior Indebtedness of the Issuer Company or such Guarantor, as the case may be, unless such Indebtedness is either.: (a1) expressly equal in right of payment with the Notes or such Subsidiary Guarantor’s Guarantee of the Notes, as the case may be; or (b2) expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes, as the case may be. For the purposes of this Indenture, Indenture (1) unsecured Indebtedness that is unsecured shall not be treated as subordinated or junior to Secured Indebtedness merely because it is unsecured, and (2) Senior Indebtedness shall not be treated as subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with respect to the same collateral or (3) Indebtedness shall not be treated as subordinated or junior to any other Indebtedness merely because it is secured by different collateral.