Ranking of Debt. Unless expressly provided to the contrary in this Agreement, the Debt shall rank in right and priority of payment in the following order:
(a) first, the Super Senior Debt (pari passu between all indebtedness under the Super Senior RCF 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 of Debt. Unless expressly provided to the contrary in this Deed, the Debt shall rank in right and priority of payment in the following order: First the Senior Debt, the Hedging Debt and the Note Debt (pari passu, without any preference between themselves); Second the Intercompany Debt; and Third the Junior Debt. For the avoidance of doubt, any claims against the Company under the Senior Subordinated Guarantee rank prior to the claims (if any) against the Company in respect of Junior Debt.
Ranking of Debt. The Debt will rank for all purposes and at all times in the following order:
(a) first, the Senior Debt;
(b) second, the High Yield Intra-Group Debt; and
(c) third, the Investor Debt.
Ranking of Debt. (a) Unless expressly provided to the contrary in this Agreement (including Clause 16 (Application of Recoveries)), the Debt shall rank in right and priority of payment in the following order:
(i) first, the Super Senior Debt (pari passu between all indebtedness under the Super Senior RCF and the Hedging Obligations) and pari passu with the Senior Debt (pari passu between all indebtedness under the Senior Notes and any New Debt);
(ii) secondly, any Liabilities raised in the form of Intercompany Debt; and
(iii) thirdly, any Liabilities raised in the form of Subordinated Debt.
(b) The ranking and priority set out in paragraph (a) above will:
(i) not be affected by any reduction or increase in the principal amount secured by the Transaction Security in respect of the Secured Obligations or by an intermediate reduction or increase in, amendment or variation to or satisfaction of any of the Secured Obligations;
(ii) apply regardless of the order in which or dates upon which this Agreement, the relevant Security Documents or any other Debt Document are executed, perfected or registered or notice of them is given to any person; and
(iii) secure the Secured Obligations in the order specified in this Agreement regardless of the date upon which any of the Secured Obligations arise or of any fluctuations in the amount of any of the Secured Obligations outstanding.
Ranking of Debt. Unless expressly provided to the contrary in this Agreement, the Debt shall rank in right and priority of payment in the following order:
Ranking of Debt. (a) Unless expressly provided to the contrary in this Agreement, the Debt shall rank in right and priority of payment in the following order:
(i) first, the Super Senior Debt; and
(ii) secondly, the Senior Debt (pari passu between the Bonds Debt and any New Senior Debt).
(b) The ranking in Clause 3.1 applies regardless of:
(i) the order of registration, filing, notice or execution of any document;
(ii) the date upon which any Debt is incurred or arises;
(iii) whether or when a creditor is obliged to advance any Debt; or
(iv) any fluctuation in the outstanding amount of, or any intermediate discharge in whole or in part of, any Debt.
Ranking of Debt. 3.1 The Debt shall, until the Senior Discharge Date, rank in the following order:
(a) first, the Senior Debt, pari passu between themselves; and
(b) second, the Subordinated Debt.
3.2 The ranking in clause 3.1 above applies regardless of:
(a) the order of registration, the date of notice or the date of execution of any document;
(b) when any Debt is incurred;
(c) whether or when a Secured Party or the Issuer is obliged to advance any Debt; or
(d) any fluctuation in the outstanding amount of, or any intermediate discharge of, any Debt.
3.3 The ranking in Clause 3.1 above is for the benefit of the Secured Parties only and may with the prior written consent of all Secured Parties be varied in the order agreed between the Secured Parties.
Ranking of Debt. 7 3. COVENANT TO PAY BY OBLIGORS ...................................
Ranking of Debt. Each of the parties to this Deed agrees that the Debt owed by the Borrower to the Creditors shall rank in right and priority of payment in the following order and is postponed and subordinated to any prior ranking Debt as follows:
Ranking of Debt. Subject to Clause 14.7 (Order of application), all existing and future security conferred by the Security Documents on the Senior Creditors and the Hedging Banks will to the extent that it secures Senior Debt and/or Hedging Liabilities (subject, in each case, to the provisos to those terms set out in Clause 1.1 (Definitions and Interpretation)):
(a) rank in all respects prior to existing and future security conferred by those or any other Security Documents on the Junior Creditors, regardless of order of registration, recording, notice, execution or otherwise; and
(b) secure all the Senior Debt and Hedging Liabilities pari passu between themselves but in priority to the Junior Debt regardless of the date upon which the Senior Debt or Hedging Liabilities arise, regardless of whether a Senior Creditor is obliged to advance moneys included in Senior Debt and regardless of any fluctuations in the amount of Senior Debt or Hedging Liabilities outstanding or any intermediate discharge of the Senior Debt or Hedging Liabilities in whole or in part. The Subordinated Investor Debt is and will remain unsecured.
