Common use of Ranking and Priority Clause in Contracts

Ranking and Priority. Each of the Parties agrees that the Liabilities owed by the Obligors to the Lenders and the Hedging Banks rank in the following order and are postponed and subordinated to any prior ranking Liabilities as follows: (a) first, the Senior Liabilities, pari passu as between the Liabilities owed by the Obligors to the Senior Creditors under the Senior Finance Documents and the Hedging Liabilities; and (b) second, the Subordinated Liabilities.