Ranking. The Borrower shall ensure that its payment obligations under this Agreement rank, and will rank, not less than pari passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of its Debt Instruments. In particular, the Borrower shall not make (or authorise) any payment in respect of any other such Debt Instrument (whether regularly scheduled or otherwise) if:
(i) the CEB makes a demand of early reimbursement under Article 3.3 (Early reimbursement of disbursed loans) of the Loan Regulations; or
(ii) an event or potential event of default under any unsecured and unsubordinated Debt Instrument of the Borrower or any of its agencies or instrumentalities has occurred and is continuing. However, payment in respect of such Debt Instrument is possible if the Borrower:
(i) simultaneously pays; or
(ii) sets aside in a designated account for payment on the next Interest Payment Date; a sum equal to the same proportion of the principal outstanding under this Agreement as the proportion that the payment under such Debt Instrument bears to the total debt outstanding under that instrument. For this purpose, any payment of a Debt Instrument that is made out of the proceeds of the issue of another instrument, to which substantially the same persons as hold claims under the Debt Instrument have subscribed, shall be disregarded.
