Common use of Status and Ranking Clause in Contracts

Status and Ranking. The Notes are direct and unsecured obligations of the Issuer and, subject to the Insolvency Act (and any other Ranking Legislation), constitute Secondary Non-Preferential Debts under the Insolvency Act (and any other Ranking Legislation), ranking pari passu and without any preference among themselves. Accordingly, subject to the Insolvency Act (and any other Ranking Legislation), claims in respect of principal, interest and any other amount (including, without limitation, any damages awarded for breach of the Issuer's obligations) in respect of the Notes will, in the event of the winding up or dissolution of the Issuer (subject as otherwise provided in an Excluded Dissolution), rank as provided for Secondary Non- Preferential Debts in the Insolvency Act (and any other Ranking Legislation), and therefore:

Appears in 3 contracts

Sources: Supplemental Indenture, Supplemental Indenture, Supplemental Indenture