Common use of Pari passu and subordinated indebtedness Clause in Contracts

Pari passu and subordinated indebtedness. The obligations of the Borrower under this Agreement are direct, general and unconditional obligations of the Borrower, and rank at least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the Borrower, with the exception of any obligations which are mandatorily preferred by operation of law and not by contract, and any Financial Indebtedness of the Borrower owing to any of its respective shareholders is subordinated in all respects to the Borrower’s obligations under this Agreement.

Pari passu and subordinated indebtedness. The obligations of the Borrower under this Agreement are direct, general and unconditional obligations of the Borrower, and rank at least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the Borrower, with the exception of any obligations which are mandatorily preferred by operation of law and not by contract, and any Financial Indebtedness of the Borrower owing to any of its respective shareholders is subordinated in all respects to the Borrower’s obligations under this AgreementAgreement (in the case of a Borrower).

Pari passu and subordinated indebtedness. The obligations of the Borrower Borrowers under this Agreement are direct, general and unconditional obligations of the BorrowerBorrowers, and rank at least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the BorrowerBorrowers, with the exception of any obligations which are mandatorily preferred by operation of law and not by contract, and any Financial Indebtedness of the Borrower Borrowers owing to any of its respective shareholders is subordinated in all respects to the Borrower’s Borrowers’ obligations under this Agreement.

Pari passu and subordinated indebtedness. The obligations of the Borrower Borrowers under this Agreement are direct, general and unconditional obligations of the BorrowerBorrowers, and rank at least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the BorrowerBorrowers, with the exception of any obligations which are mandatorily preferred by operation of law and not by contract, and any Financial Indebtedness of the Borrower Borrowers owing to any of its respective shareholders limited partners is subordinated in all respects to the Borrower’s Borrowers’ obligations under this Agreement.