Direct obligations - Pari Passu Clause Samples
The 'Pari Passu' clause establishes that the obligations under the agreement rank equally with all other present and future unsecured obligations of the party. In practice, this means that if the party incurs other debts or liabilities, none will have priority over the obligations covered by this agreement, and all creditors will be treated equally in terms of repayment. This clause is essential for ensuring fairness among creditors and preventing the debtor from favoring one creditor over another, thereby protecting the interests of all parties involved.
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Direct obligations - Pari Passu the obligations of the Borrower under this Agreement are direct, general and unconditional obligations of the Borrower and rank at least pari passu with all other present and future unsecured and unsubordinated Indebtedness of the Borrower with the exception of any obligations which are mandatorily preferred by law;
Direct obligations - Pari Passu. (a) This Agreement constitutes a direct, unconditional unsubordinated and unsecured obligation of such Guarantor.
(b) The obligations of such Guarantor under this Agreement rank and will rank in priority of payment at least pari passu with all other senior unsecured Debt of such Guarantor.
Direct obligations - Pari Passu. (a) The Borrower's and each Guarantor's obligations under this Agreement and under the Notes constitute direct, unconditional, senior, unsubordinated and unsecured obligations of the Borrower or such Guarantor, as the case may be.
(b) The Borrower's and each Guarantor's obligations under this Agreement and under the Notes rank and will at all times rank at least pari passu in all respects with all other present and future senior unsecured and unsubordinated Debt of the Borrower or such Guarantor, as the case may be.
Direct obligations - Pari Passu. (i) This Agreement constitutes a direct, unconditional unsubordinated and unsecured obligation of the Borrower, and (ii) the Loans, when made, will constitute direct, unconditional unsubordinated and unsecured obligations of the Borrower.