Anti-Layer Covenant — Bond Indenture

Description

This smart field captures the anti-layer covenant. This covenant prevents the issuer from incurring debt that is senior to the present debt being issued pursuant to the indenture other than specified, defined and contemplated senior debt. This smart field also captures the definition of “Senior Indebtedness”, “Senior Subordinated Indebtedness” and similar definitions. This smart field was trained on high yield corporate debt security indentures governed by the laws of the United States and Canada.