Common use of Status and Ranking Clause in Contracts

Status and Ranking. 2.1 The Class A Notes constitute direct, unconditional and secured obligations of the Issuer. The Class A Notes rank pari passu among themselves. 2.2 The claims of the Class A Noteholders under the Class A Notes rank against the claims of all other creditors of the Issuer in accordance with the Order of Priority, unless mandatory provisions of law provide otherwise.

Status and Ranking. 2.1 The Class A B Notes constitute direct, unconditional and secured obligations of the Issuer. The Class A B Notes rank pari passu among themselves. 2.2 The claims of the Class A B Noteholders under the Class A B Notes rank against the claims of all other creditors of the Issuer in accordance with the Order of Priority, unless mandatory provisions of law provide otherwise.