Common use of Pari passu and subordinated indebtedness Clause in Contracts

Pari passu and subordinated indebtedness. (a) the obligations of each Borrower under this Agreement and the Master Swap Agreement and the obligations of the Corporate Guarantor under the Corporate Guarantee are direct, general and unconditional obligations of such Borrower and the Corporate Guarantor, respectively, and rank at least pari passu with all other present and future unsecured and unsubordinated Indebtedness of such Borrower with the exception of any obligations which are mandatorily preferred by law and not by contract; (b) any Indebtedness of the Borrowers or the Corporate Guarantor owing to any of its respective shareholders or other members of the Group is subordinated in all respects to the Borrowers' obligations under this Agreement and the Master Swap Agreement (in the case of the Borrowers) and to the Corporate Guarantor's obligations under the Corporate Guarantee (in the case of the Corporate Guarantor);

Pari passu and subordinated indebtedness. (a) the obligations of each the Borrower under this Agreement and the Master Swap Agreement and the obligations of the each Corporate Guarantor under the relevant Corporate Guarantee to which it is a party are direct, general and unconditional obligations of such the Borrower and the that Corporate Guarantor, respectively, Guarantor and rank at least pari passu with all other present and future unsecured and unsubordinated Indebtedness of such the Borrower and that Corporate Guarantor with the exception of any obligations which are mandatorily preferred by law and not by contract; (b) any Indebtedness of the Borrowers Borrower or the a Corporate Guarantor owing to any of its respective shareholders or other members of the Group or any of its Related Companies is subordinated in all respects to the Borrowers' Borrower’s obligations under this Agreement and the Master Swap Agreement (in the case of the BorrowersBorrower) and to the such Corporate Guarantor's ’s obligations under the relevant Corporate Guarantee to which it is a party (in the case of the a Corporate Guarantor);