Common use of Pari passu and subordinated indebtedness Clause in Contracts

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

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

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