Common use of Pari Passu Obligations Clause in Contracts

Pari Passu Obligations. The obligations of each Loan Party under the Loan Documents shall at all times rank not lower than pari passu as to priority of payment and in all other respects with all other unsecured and unsubordinated obligations of such Loan Party, except for those obligations that are mandatorily preferred by law, including by operation of bankruptcy, insolvency, liquidation or similar laws of general application.

Pari Passu Obligations. The obligations of each Loan Party under the Loan Documents shall at all times rank not lower than pari passu as to priority of payment and in all other respects with all other unsecured and unsubordinated obligations of such Loan Party, except for those obligations that are mandatorily preferred by law, including by operation of bankruptcy, insolvency, liquidation or similar laws of general application.

Pari Passu Obligations. The obligations of each Each Loan Party shall ensure that its obligations hereunder and, to the extent applicable under the Loan Documents shall Promissory Notes, at all times rank not lower than pari passu as to priority of payment and in all other respects with all other constitute direct, senior, unsecured and unsubordinated obligations of such Loan PartyParty ranking at least pari passu in right of payment with all other present or future direct, except for those senior, unsecured and unsubordinated obligations that are mandatorily preferred by law, including of the applicable Loan Party resulting from any Indebtedness of such Loan Party (other than Indebtedness having priority by operation of bankruptcy, insolvency, liquidation or similar laws of general applicationlaw).