Ranking of the Notes Clause Samples
The 'Ranking of the Notes' clause defines the order of priority that the notes hold in relation to other debts or financial obligations of the issuer. In practice, this clause specifies whether the notes are senior, subordinated, or pari passu with other instruments, which determines the sequence in which noteholders are repaid in the event of insolvency or liquidation. By clearly establishing the payment hierarchy, this clause provides investors with transparency regarding their risk exposure and helps allocate risk among different classes of creditors.
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Ranking of the Notes. The Notes, when issued by the Company, will constitute senior indebtedness of the Company and will rank at least pari passu with all other existing and future secured Indebtedness of the Company (subject to any priority rights of such Indebtedness pursuant to applicable Laws) and senior in right of payment to all existing and future obligations of the Company expressly subordinated in right of payment to the Notes.
Ranking of the Notes. From the Original Issue Date until May 18, 2004, the Notes will be the Corporation's direct, unsecured obligations and will rank without preference or priority among themselves and equally with all of the Corporation's existing and future unsecured and subordinated indebtedness, subordinate and junior in right of payment to all of the Corporation's Senior Indebtedness. On and after May 18, 2004, the Notes will become the Corporation's direct, unsecured obligations and will rank without preference or priority among themselves and equally with all of the Corporation's existing and future unsecured and unsubordinated indebtedness (including ranking equally with all prior unsubordinated Securities issued pursuant to the Original Indenture), senior in right of payment to all of the Corporation's subordinated indebtedness.
Ranking of the Notes. No Indebtedness of the Company, at the Closing, will be senior to, or pari passu with, the Notes in right of payment, whether with respect to payment or redemptions, interest, damages, upon liquidation or dissolution or otherwise.
Ranking of the Notes. (a) The Notes shall be subordinated to all Senior Indebtedness (as defined in this Eighteenth Supplemental Indenture) of the Company on the terms and subject to the conditions set forth in Article XII of the Base Indenture, and each Holder of Notes issued hereunder by such Holder’s acceptance thereof acknowledges and agrees that all Notes shall be issued subject to the provisions of this Article VI and such Article XII and that each Holder of Notes, whether upon original issuance or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. The Notes shall be “Subordinated Debt Securities” as such term is used in the Indenture, and, for purposes of the Notes only, and not for purposes of any other Debt Securities, all references in the Indenture to Senior Indebtedness of the Company shall mean Senior Indebtedness of the Company as defined in this Eighteenth Supplemental Indenture.
(b) The Notes shall be equal in rank and right of payment in all respects and are pari passu with the Subordinated Notes due 2066 and the Subordinated Notes due 2068.
Ranking of the Notes. The Notes shall be subordinated in right of payment and upon liquidation to all Senior Debt (as defined in this Second Supplemental Indenture) of the Company on the terms and subject to the conditions set forth in Article X of the Base Indenture (as amended hereby), and each Holder of Notes issued hereunder by such Holder’s acceptance thereof acknowledges and agrees that all Notes shall be issued subject to the provisions of this Article VIII and such Article X and that each Holder of Notes, whether upon original issuance or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. For purposes of the Notes only, and not for purposes of any other Securities, all references in the Indenture to Senior Debt of the Company shall mean Senior Debt (as defined in this Second Supplemental Indenture) of the Company.
Ranking of the Notes. The New Notes shall be expressly subordinated to and will rank junior to any funding provided by EnrichmentCo.
Ranking of the Notes. No Indebtedness of the Company is senior to the Notes in right of payment, whether with respect to payment of redemptions, interest, damages or upon liquidation or dissolution or otherwise.
Ranking of the Notes. The Notes will constitute direct, unconditional, senior, unsecured and unsubordinated obligations, without any preference among themselves, of the Issuer and will rank pari passu with all other existing and future senior and unsecured obligations of the Issuer, subject to the Enforceability Exceptions; and the Notes will constitute “senior indebtedness” as such term is defined in any indenture or agreement governing any outstanding subordinated indebtedness of the Issuer.
Ranking of the Notes. The Notes shall be subordinated in right of payment and upon liquidation to all Senior Debt (as defined in this First Supplemental Indenture) of the Company on the terms and subject to the conditions set forth in Article XIV of the Base Indenture (as amended and restated, for purposes of the Notes, in this First Supplemental Indenture), and each Holder of Notes issued hereunder by such Holder’s acceptance thereof acknowledges and agrees that all Notes shall be issued subject to the provisions of this Article VI and such Article XIV (as amended and restated, for purposes of the Notes, in this First Supplemental Indenture) and that each Holder of Notes, whether upon original issuance or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. For purposes of the Notes only, and not for purposes of any other Securities, all references in the Indenture to Senior Debt of the Company shall mean Senior Debt (as defined in this First Supplemental Indenture) of the Company.
Ranking of the Notes. The Notes shall constitute Senior Securities.