Ranking of security. Subject to the Reservations: (i) the Security constitutes a Security Interest of the type intended and described in the relevant Security Document; and (ii) the payment obligations of each Obligor under the Finance Documents rank at least pari passu with the claims of all its other unsecured unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.
Appears in 3 contracts
Sources: Facility Agreement, Amendment and Restatement Deed (Strategic Hotels & Resorts, Inc), Facility Agreement (Strategic Hotels & Resorts, Inc)