Common use of Absolute Obligation; Ranking Clause in Contracts

Absolute Obligation; Ranking. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company. This Note is a senior direct debt obligation of the Company that ranks (x) pari passu with all other Notes now or hereafter issued under the terms of the Purchase Agreement, and (y) senior or pari passu with all other Indebtedness of the Company.

Absolute Obligation; Ranking. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company. This Note is a senior direct debt obligation of the Company that ranks (x) pari passu with all other Notes now or hereafter issued under the terms of the Purchase Agreement, (y) subordinated to any senior secured bank debt permitted under this Note, and (yz) senior or pari passu with all other Indebtedness of the Company.