Common use of Debentures to Rank Pari Passu Clause in Contracts

Debentures to Rank Pari Passu. The Debentures will be direct unsecured subordinated obligations of the Corporation. Each Debenture a will rank pari passu with each other Debenture (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future subordinated and unsecured indebtedness of the Corporation (other than Senior Indebtedness) except for sinking fund provisions (if any) applicable to different series of Debentures or other similar types of obligations of the Corporation. The payment of the principal and interest on the Debentures shall, as provided for in Article 5, be subordinated and postponed in right of payment to all Senior Indebtedness.

Debentures to Rank Pari Passu. The Debentures will be direct senior unsecured subordinated obligations of the Corporation. Each Debenture a will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptionsexceptions and applicable law, with all other present and future subordinated and senior unsecured indebtedness of the Corporation (other than Senior Indebtedness) Corporation, except for sinking fund provisions (if any) applicable to different series of Debentures or other similar types of obligations of the Corporation. The payment of the principal of and interest on the Debentures shall, as provided for is expressly subordinate to the prior payment in full of the Secured Indebtedness to the extent and in the manner hereinafter set forth in Article 5, be subordinated and postponed in right of payment to all Senior Indebtedness.

Debentures to Rank Pari Passu. The Debentures will be direct unsecured subordinated obligations of the CorporationIssuer. Each Debenture a of the same series of Debentures will rank pari passu with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject and will rank pari passu or in priority in right of payment to statutory preferred exceptions, with all other present and future subordinated and unsecured indebtedness of the Corporation (other than Senior Indebtedness) except for sinking fund provisions (if any) applicable to different series of Debentures or other similar types of obligations Issuer which by the terms of the Corporationinstrument creating or evidencing such indebtedness is expressed to be pari passu with or subordinate in right of payment to the Debentures. The payment of the principal of, and interest on on, the Debentures shall, as provided for in Article 5, be subordinated and postponed in right light of payment to all Senior IndebtednessIndebtedness (including all payments thereunder).