Notes Rank Pari Passu Sample Clauses
The "Notes Rank Pari Passu" clause establishes that the notes issued under an agreement will have equal ranking in terms of payment priority with each other and with other specified debt instruments. In practice, this means that all holders of these notes are entitled to receive payments at the same level of priority, without any one series or tranche being subordinated to another. For example, if the issuer defaults, all pari passu noteholders share equally in any recoveries, rather than some being paid ahead of others. This clause ensures fairness among creditors and prevents the issuer from favoring one group of noteholders over another, thereby reducing the risk of unequal treatment in the event of financial distress.
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Notes Rank Pari Passu. (a) The obligations of the Issuer under this Agreement and the Notes rank at least pari passu in right of payment with all other unsecured and unsubordinated senior Indebtedness (actual or contingent) of the Issuer, including all unsecured and unsubordinated senior Indebtedness of the Issuer described in Schedule 5.15(a).
(b) The obligations of the Parent Guarantor under this Agreement rank at least pari passu in right of payment with all other unsecured and unsubordinated senior Indebtedness (actual or contingent) of the Parent Guarantor, including all unsecured and unsubordinated senior Indebtedness of the Parent Guarantor described in Schedule 5.15(a).
(c) The obligations of each Subsidiary Guarantor under the Subsidiary Guaranty Agreement rank at least pari passu in right of payment with all other unsecured and unsubordinated senior Indebtedness (actual or contingent) of such Subsidiary Guarantor, including all unsecured and unsubordinated senior Indebtedness of such Subsidiary Guarantor described on Schedule 5.15(a).
Notes Rank Pari Passu. The obligations of the Company under this Agreement and the Notes and the obligations of each Guarantor under the Guaranty rank at least pari passu in right of payment with all other unsecured Senior Indebtedness of the Company or such Guarantor, as the case may be, including, without limitation, all unsecured Senior Indebtedness of the Company or such Guarantor, as the case may be, described in Schedule 5.15 hereto.
Notes Rank Pari Passu. The obligations of the Company under this Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Debt (actual or contingent) of the Company, including, without limitation, all senior unsecured Debt of the Company described in Schedule 5.15 hereto.
Notes Rank Pari Passu. (a) The obligations of the Issuer under this Agreement and the Notes rank at least pari passu in right of payment with all other unsecured and unsubordinated senior Indebtedness (actual or contingent) of the Issuer, including all unsecured and unsubordinated senior Indebtedness of the Issuer described in Schedule 5.15.
(b) The obligations of the General Partner under this Agreement rank at least pari passu in right of payment with all other unsecured and unsubordinated senior Indebtedness (actual or contingent) of the General Partner, including all unsecured and unsubordinated senior Indebtedness of the General Partner described in Schedule 5.15.
Notes Rank Pari Passu. The payment obligations of each Obligor under this Agreement (including the Parent Guarantor) rank and, upon issuance, the Notes (in the case of the Company) will rank, at least pari passu in right of payment with (a) prior to the Collateral Effective Date, all other unsecured and unsubordinated Indebtedness (actual or contingent) of such Obligor, including, without limitation, all unsecured Indebtedness of the Obligors described on Schedule 5.15 hereto, which is not therein designated as subordinated Indebtedness and (b) from and after the Collateral Effective Date, all Senior Secured Indebtedness outstanding under the Transaction Facilities.
Notes Rank Pari Passu. The obligations of the Issuer under this Agreement and the Notes rank at least pari passu in right of payment with all other Senior Debt (actual or contingent) of the Issuer.
Notes Rank Pari Passu. (a) The obligations of the Company under this Agreement and the Notes rank pari passu in right of payment with all other unsecured Senior Indebtedness (actual or contingent) of the Company, including, without limitation, all unsecured Senior Indebtedness of the Company described in Schedule 5.15.
(b) The obligations of each Subsidiary Guarantor under the Subsidiary Guaranty rank pari passu in right of payment with all other unsecured Senior Indebtedness (actual or contingent) of such Subsidiary Guarantor, including, without limitation, all unsecured Senior Indebtedness of such Subsidiary Guarantor described in Schedule 5.15.
Notes Rank Pari Passu. The obligations of the Company under this Agreement and the Notes, and each Original Subsidiary Guarantor’s obligations under the Subsidiary Guaranty Agreement will, upon the issuance of the Notes and the execution and delivery of the Subsidiary Guaranty Agreement, respectively, rank at least pari passu in right of payment with all obligations under the Bank Facility and each other Qualified Debt Agreement.
Notes Rank Pari Passu. The payment obligations of each Obligor under this Agreement (including the Parent Guarantor) rank and, upon issuance, the Notes (in the case of the Issuer) will rank, at least pari passu in right of payment with all other unsecured and unsubordinated Indebtedness (actual or contingent) of such Obligor, including, without limitation, all unsecured Indebtedness of the Obligors described on Schedule 5.17 hereto, which is not therein designated as subordinated Indebtedness. SECTION 6.
Notes Rank Pari Passu. The obligations of the Obligors under the Note Purchase Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Indebtedness (actual or contingent) of the Obligors, including, without limitation, the Permitted Escrow Bonds when issued and on the First Amendment Effective Date.