Common use of Status of Obligations Clause in Contracts

Status of Obligations. The Obligors shall ensure that the Obligations constitute direct, secured, unsubordinated and unconditional obligations of the Borrowers and the Guarantors, ranking at least pari passu with the claims of all of each Borrower’s and each Guarantor’s other creditors, except those creditors whose claims are mandatorily preferred under Applicable Law.

Status of Obligations. The Obligors shall ensure that the Obligations constitute direct, secured, unsubordinated and unconditional obligations of the Borrowers and the Guarantors, ranking at least pari passu with the claims of all of each Borrower’s the Borrowers’ and each the Guarantor’s other creditors, except those creditors whose claims are mandatorily preferred under Applicable Law.

Status of Obligations. The Obligors shall ensure that the Obligations constitute direct, secured, unsubordinated and unconditional obligations of the Borrowers Borrower and the Guarantorseach Guarantor, ranking at least pari passu with the claims of all of each the Borrower’s and each Guarantor’s other creditors, except those creditors whose claims are mandatorily preferred under Applicable Law.