Ranking and Priority. The Loan Obligations are unsecured unsubordinated obligations of the Borrower ranking pari passu with all other unsecured unsubordinated Debt of the Borrower. The Guaranteed Obligations are unsecured unsubordinated obligations of each Guarantor ranking pari passu with all other unsecured unsubordinated Debt of such Guarantor.
Ranking and Priority. The Bonds shall constitute senior debt obligations of the Issuer. The Bonds shall rank at least pari passu with all other obligations of the Issuer (save for such claims which are preferred by bankruptcy, insolvency, liquidation or other similar laws of general application) and shall rank ahead of subordinated debt.
Ranking and Priority. Each of the Parties agrees that the Liabilities owed by the Obligors to the Lenders and the Hedging Banks rank in the following order and are postponed and subordinated to any prior ranking Liabilities as follows:
(a) first, the Senior Liabilities, pari passu as between the Liabilities owed by the Obligors to the Senior Creditors under the Senior Finance Documents and the Hedging Liabilities; and
(b) second, the Subordinated Liabilities.
Ranking and Priority. Unless expressly provided to the contrary in this Agreement, the Liabilities shall rank in right and priority of payment in the following order and are postponed and subordinated to any prior ranking Liabilities as follows:
(a) first, the Super Senior Liabilities, the Senior Secured Notes Liabilities, the Senior Secured Hedging Liabilities, the Pari Passu Debt and the Senior Secured Notes Trustee Amounts pari passu and without any preference between them;
(b) second, the Intra-Group Liabilities and the Shareholder Liabilities. This Agreement does not purport to rank any of the Intra-Group Liabilities and the Shareholder Liabilities as between themselves.
Ranking and Priority. Each of the Parties agrees that the Pari Passu Liabilities shall rank pari passu and without any preference between them.
Ranking and Priority. The Corporation and the Trustee agree that:
(a) the Security Interest and the Senior Security shall rank in descending order of priority with respect to the Secured Assets including any dividend or any other payment or distribution from, or in respect of, the Secured Assets as follows:
(i) first, the Security Interest, to the extent of indebtedness evidenced by the Debentures, including principal of and premium, if any, and interest on and other amounts in respect of the Debentures (the “Debenture Indebtedness”), and its ultimate balance, notwithstanding that at any particular time there is no Debenture Indebtedness, and including all obligations and liabilities to the Debentureholders and the Trustee under this Indenture, and
(ii) second, the Senior Security, to the extent of the Senior Indebtedness and its ultimate balance, notwithstanding that at any particular time there is no Senior Indebtedness;
(b) the Senior Security shall not extend to or apply to the Secured Assets; and
(c) the Trustee as agent for the Debentureholders and the Beneficial Holders has been granted a first priority security interest in the Secured Assets.
Ranking and Priority. Each of the parties to the Intercreditor Agreement will agree that the Secured Obligations owed by the ICA Group Companies to the Secured Parties and the other relevant parties shall rank in respect of proceeds in right and priority following an application of an Enforcement Action in the following order: (a) first, the Super Senior Debt (pari passu between all indebtedness under the Super Senior WCF and the Hedging Obligations); (b) secondly, the Senior Debt (pari passu between all indebtedness under the Bonds and any New Debt); (c) thirdly, any liabilities raised in the form of Intercompany Debt; and (d) fourthly, any liabilities raised in the form of Shareholder Debt.
Ranking and Priority. Each of the Parties agrees that the Liabilities owed by the Parent to the Unsecured Convertible Notes Creditors shall rank in right of payment and priority as follows:
(a) postponed and subordinated to the Priority Creditors in respect of the Priority Creditor Liabilities;
(b) pari passu and without preference between them to: (i) the Unsecured Liabilities of the Parent; and (ii) to the Senior Subordinated Liabilities of the Parent to the extent not subordinated by their terms or otherwise contractually subordinated to the Unsecured Convertible Notes Liabilities;
(c) in priority to: (i) the Subordinated Liabilities and (ii) the Intra-Group Liabilities owed by the Parent to any Intra-Group Lender.
Ranking and Priority. The Secured Obligations owed by the Mortgagor to each of the Secured Parties shall rank in right and priority of payment, and the security constituted by this Mortgage shall rank and secure the Secured Obligations owed by the Mortgagor to each of the Secured Parties, pari passu and rateably, without any preference between them.
Ranking and Priority. Each of the Parties agrees that the Transaction Security granted by, the Obligors to the Lenders rank in the following order:
(a) first, the Transaction Security granted in respect of the First Ranking Liabilities;
(b) second, the Transaction Security granted in respect of the Second Ranking Liabilities.
