Common use of Status of Notes and Guarantee Clause in Contracts

Status of Notes and Guarantee. The Notes will, when duly executed, authenticated and delivered, constitute direct, unconditional and, except as provided in the Indenture or the Notes, unsecured obligations of the Issuer and will rank pari passu among themselves at least equally with all other unsecured and unsubordinated indebtedness of the Issuer, whether now or hereafter outstanding and the Guarantee will, when duly executed and delivered, constitute a direct, unconditional and, except as provided in the Indenture or the Guarantee, unsecured obligation of the Guarantor and will rank at least equally with all other unsecured and unsubordinated indebtedness of the Guarantor, whether now or hereafter outstanding, except, in each case with respect to (x) obligations in respect of national and local taxes, and (y) other obligations given priority by mandatory provisions of law.