Pari Passu Claims Clause Samples
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Pari Passu Claims. Under the laws of its jurisdiction of incorporation, the Guarantor shall ensure that the claims of the Guaranteed Party against it under this Guarantee will rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are mandatorily preferred by reason of any bankruptcy, insolvency, liquidation or other similar laws of general application.
Pari Passu Claims. Each Guarantor shall ensure that the claims of the Collateral Agent against it under this Deed will rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are mandatorily preferred by reason of any bankruptcy, insolvency, liquidation or other similar laws of general application.
Pari Passu Claims. The Administrative Agent acknowledges and agrees (which acknowledgment and agreement shall be binding upon the Lenders) with the other Secured Parties that, except as expressly set forth in Section 3.02 hereof, (i) all Secured Claims shall rank pari passu and shall be entitled to payment equally and ratably from any proceeds of and realizations upon the Collateral and (ii) no Holder of Secured Claims shall be entitled to any priority or preference over any other Holder of Secured Claims.
Pari Passu Claims. The Borrower’s Obligations rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to obligors generally.