Ranking of Securities. The Securities will rank on a parity with all unsecured indebtedness of the Company (other than subordinated indebtedness of the Company) that is outstanding on the date hereof or that may be incurred hereafter, and senior to all subordinated indebtedness of the Company that is outstanding on the date hereof or that may be incurred hereafter.
Ranking of Securities. The security conferred by the Security Documents constitutes a priority security interest of the type therein described (subject to statutory preferences which may rank ahead of the security created thereunder and subject to those Permitted Encumbrances as referred to in clause 1.1.114(d) above) over the security assets therein referred to, which are not subject to any prior or other Encumbrances and is not liable to be set aside on insolvency of the Borrower.
Ranking of Securities. Except as set forth on Schedule 3.1(kk), no Indebtedness of the Company is senior to or ranks pari passu with the Securities in right of payment, whether with respect of payment of redemptions, interest, damages or upon liquidation or dissolution or otherwise.
Ranking of Securities. The security conferred by those Security Documents which are expressed to create Encumbrances constitutes a priority security interest of the type therein described over the assets and rights therein referred to, which are not subject to any prior or other Encumbrances and is not liable to be set aside on the insolvency of any Obligor.
Ranking of Securities.
16.1 Subject to the terms of any new class of Securities issued following Completion, any Return of Proceeds to the Security Holders shall be distributed or be payable to the Security Holders pro rata to their holding of the aggregate number of Ordinary Shares.
16.2 Subject to Clause 16.3, if a holder of any Securities (a “Recovering Holder”) receives any Return of Proceeds where any such amount is in excess of the amount the Recovering Holder would have been entitled to receive in respect of its holding of Securities had such amounts been distributed, redeemed or paid in accordance with Clause 16.1 (the “Excess Receipts”) then:
(a) the Recovering Holder shall, within three Business Days, notify details of such receipt, repayment or payment to the Company; and
(b) the Recovering Holder shall, within three Business Days of demand by any Security Holder who, had the Excess Receipts been distributed in accordance with Clause 16.1, would have received a greater Return of Proceeds than he has actually received (each an “Out of Pocket Holder”), account to any such Out of Pocket Holder(s) for any such amounts of Excess Receipts. If, in any circumstances, there is more than one Out of Pocket Holder, the Recovering Holder(s) shall account to the Out of Pocket Holders pro rata to the holdings of each Out of Pocket Holder of the relevant class of Security in respect of which such holders have received a lesser amount of the proceeds than they would otherwise have been entitled pursuant to Clause 16.1.
16.3 No payment shall be made to any Security Holder pursuant to Clause 16.2 to the extent that any such payment would result in such Security Holder receiving any Return of Proceeds that is in excess of any amounts that such holder of Securities is entitled to receive pursuant to Clause 16.1 from the proceeds available.
Ranking of Securities. 1.1 The Primary Lender, Scottish Ministers and the Owner agree that the sums secured or to be secured by the Primary Lender Fixed Security and the Postponed Fixed Security shall rank in the following order of priority:
1.1.1 the Primary Lender Fixed Security to the extent of the Primary Lender Priority Debt; then
1.1.2 the Postponed Fixed Security to the extent of the Postponed Debt; then
1.1.3 the Primary Lender Fixed Security to the extent of the balance (if any) of the Primary Lender Debt.
1.2 The ranking and priority set out in Clause 1.1 shall take effect notwithstanding any of the following:
1.2.1 the nature of the securities created by the Primary Lender Fixed Security and the Postponed Fixed Security and the dates of execution and registration of them;
1.2.2 any provision contained in any of the Securities;
1.2.3 the date or dates on which moneys have been or may be advanced or become due, owing or payable under the Primary Lender Fixed Security and the Postponed Fixed Security respectively;
1.2.4 any fluctuation from time to time in the amounts secured by the Primary Lender Fixed Security or the Postponed Fixed Security including any reduction of those amounts to nil;
1.2.5 the existence of any credit balance on any current or other account of the Owner with either the Primary Lender or Scottish Ministers;
1.2.6 the appointment of a Trustee in bankruptcy to the Owner, his sequestration, his apparent insolvency and/ or the appointment of a judicial factor to all or any part of his assets in respect of the Owner or over all or any part of the assets;
1.2.7 the sale or other disposal of any land or buildings or any interest in any land or buildings prior to enforcement;
1.2.8 any present or future mortgage or other charge granted by the Owner to either the Primary Lender or Scottish Ministers (other than the Securities) (unless otherwise agreed in writing by the Primary Lender or Scottish Ministers); and
1.2.9 the provisions of Section 13 of the Conveyancing and Feudal Reform (Scotland) Act 1970.
1.3 The Owner agrees for the benefit of the Primary Lender only that he shall not exercise any right he may have or which may accrue to him under Section 11 of the Land Tenure Reform (Scotland) Act 1974 with respect to the Postponed Fixed Security at any time prior to the Primary Lender Priority Debt Discharge Date.
Ranking of Securities. The Securities will rank, with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution, and winding up of the Company, senior to the Common Stock and the Class A Preferred Stock, and on a parity with the Class B Preferred Stock.
Ranking of Securities. The Securities will rank, with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution, and winding up of the Company, senior to the Common Stock and the Class A Preferred Stock and on a parity with the Class B Preferred Stock and the Class C Preferred Stock.
Ranking of Securities. The Securities will constitute direct, unconditional, unsubordinated and unsecured obligations of the Company and rank pari passu and without any preference among themselves; and the payment obligations of the Company in respect of the Securities shall, save for such exceptions as may be provided by applicable legislation, at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations;
Ranking of Securities. No Indebtedness of the Company or any of its Subsidiaries is senior to the Securities in right of payment.
