Senior Ranking. The Indebtedness under any Subordinated Indebtedness Documents shall, and Borrowers shall take all necessary action to ensure that the Indebtedness thereunder shall, at all times, be subordinated in right of payment to the Obligations, subject to any terms and conditions that the Term Agent may agree to in its sole discretion in any Subordination Agreement.
Senior Ranking. Notwithstanding anything to the contrary contained herein, the security interest in the Collateral granted to Secured Party hereunder shall rank senior to all other security interests in the Collateral; provided, however, that at any time after the date hereof, Parent shall have the right to arrange Senior Construction Financing (as defined in the Purchase Agreement), at which time Secured Party agrees that it will subordinate its lien priority with respect to the Collateral to any such Senior Construction Financing as set out in Section 9 of the Purchase Agreement.
Senior Ranking. The Obligations are designated as “Senior Debt,” “Senior Indebtedness,” “Designated Senior Indebtedness” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any Junior Financing constituting Material Indebtedness.
Senior Ranking. The Obligations constitute “
Senior Ranking. The obligations of such Loan Party under the Loan Documents are its direct, general and unconditional obligations and, as of the date of this Agreement, rank senior and prior to all its other secured and unsecured obligations and liabilities, whether actual or contingent.
Senior Ranking. The Obligations will rank equally with all of its senior, unsecured indebtedness, whether now existing or hereafter created.
Senior Ranking. Its obligations under this Agreement and the Guarantor’s obligations under each Security Document, as applicable, rank and will rank senior to any Financial Indebtedness of the Borrower except for those mandatorily preferred by law;
Senior Ranking. The Borrower shall procure that its obligations under the Loan Documents and each Security Issuer’s obligations under each Security Document, as applicable do and will rank senior to all its/their other present and future senior secured and unsecured obligations (except for those mandatorily preferred by law);
Senior Ranking. (A) The senior ranking Fire Prevention Officer shall be in command of the Division of Fire Prevention under the supervision of the Chief.
Senior Ranking the Borrower shall ensure that its obligations under the Credit Facility, and each Material Subsidiary's obligations under the Loan Documents to which it is a party, rank, in each case, at least pari passu in right of payment with its other most senior indebtedness for borrowed money;
