Ranking of Claims. Under the laws of England and Wales in force as at the date of making this representation, claims against the Cash Manager under the Transaction Documents will rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, save those whose claims are preferred solely by any bankruptcy, liquidation or other similar laws of general application.
Ranking of Claims. Under the laws of England and Wales in force as at the date of making this representation, claims against the Current Issuer Cash Manager under the Transaction Documents will rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, save those whose claims are preferred solely by any bankruptcy, liquidation or other similar laws of general application.
Ranking of Claims. Subject to the Reservations, the Parent and each Obligor shall ensure that at all times the claims of the Finance Parties against it under the Finance Documents to which it is a party rank at least pari passu with the claims of all its unsecured, unsubordinated creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application.
Ranking of Claims. Each Obligor shall ensure that at all times the claims of the Finance Parties against it under the Finance Documents rank at least pari passu with the claims of all its unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application.
Ranking of Claims. (a) The Borrower shall ensure that its obligations under each Finance Document do and will rank at least pari passu with the claims of all its unsecured and unsubordinated creditors, present and future.
(b) Each Security Document creates (or once entered into will create) in favour of the Security Trustee for the benefit of the Finance Parties, the Security which it is expressed to create, fully perfected and with the ranking and priority it is expressed to have.
Ranking of Claims. No unsecured or subordinated creditor of the Borrower shall have a higher-ranking priority claim against the Borrower, except for any such creditor whose claims are mandatorily preferred by any applicable law applying to companies generally.
Ranking of Claims. Under the laws of England and Wales in force as at the date of making this representation, claims against the Servicer under the Transaction Documents will rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, save those whose claims are preferred solely by any bankruptcy, liquidation or other similar laws of general application.
Ranking of Claims. (A) The Surety shall not enforce its rights in respect of any sums it pays or liabilities it incurs under the surety's covenants until after the date when Surety's obligations under all such covenants have been observed, performed and discharged in full and the Surety shall not prior to such date:
(i) seek to recover from the Tenant whether directly or by way of set-off, lien, counter-claim or otherwise or accept any money or other property or security or exercise any rights in respect of any sum which may be or become due to the Surety on account of the failure by the Tenant;
(ii) claim, prove for or accept any payment in any composition by or winding up or liquidation of the Tenant or any third party in competition with the Landlord for any amount owing to the Surety on any account; or
(iii) exercise any right or remedy in respect of any amount paid by the Surety under the surety's covenants.
(B) The Surety warrants to the Landlord that it has not taken and will not take any security from the Tenant in connection with the surety's covenants and any such security so taken shall be held in trust for the Landlord as security for the respective liabilities of the Surety and the Tenant.
Ranking of Claims. (i) The Borrower shall ensure that its obligations under this Agreement do and will rank at least pari passu with the claims of all its unsecured and unsubordinated creditors, present and future.
(ii) Each Security Document creates (or once entered into will create) in favour of the Security Trustee for the benefit of the Finance Parties, the Security which it is expressed to create fully perfected and with the ranking and priority it is expressed to have.
Ranking of Claims. The Guarantor will only be entitled to enforce its rights in respect of any sums it pays or liabilities it incurs under this Lease or otherwise arising from its observance performance or discharge of the obligations on the part of the Guarantor after all obligations of the Tenant under this Lease have been observed and performed and discharged in full and until then the Guarantor shall not:-
(a) seek to recover whether directly or by way of set-off lien counterclaim or otherwise or accept any money or other property or security or exercise any rights in respect of any sum which may be or become due to the Guarantor on account of failure by the Tenant to observe, perform or discharge its obligations or on account of the obligations of the Guarantor under this Lease from the Tenant or any third party;
(b) claim, prove or accept any payment in any composition by or winding up or liquidation of the Tenant in competition with the Landlord for any amount owing to the Guarantor by the Tenant on any account;
(c) exercise any right or remedy in respect of any amount paid by the Guarantor under this Lease or any liability incurred by the Guarantor in observing performing or discharging the obligations on the part of the Tenant.
