PERMISSIBLE SECURITIES

PERMISSIBLE SECURITIES. Means equity securities or subordinated securities of the Company or any successor obligor of the Senior Debt or Subordinated Debt provided for by a plan of reorganization or readjustment that are subordinated in right of payment to all Senior Debt that may at the time be outstanding to the same extent as, or to a greater extent than, the Subordinated Debt is subordinate to the Senior Debt as provided in Section 3 hereof.