Common use of Ranking and Priority Clause in Contracts

Ranking and Priority. Unless expressly provided to the contrary in this Agreement, the Liabilities shall rank in right and priority of payment in the following order and are postponed and subordinated to any prior ranking Liabilities as follows: (a) first, the Super Senior Liabilities, the Senior Secured Notes Liabilities, the Senior Secured Hedging Liabilities, the Pari Passu Debt and the Senior Secured Notes Trustee Amounts pari passu and without any preference between them; (b) second, the Intra-Group Liabilities and the Shareholder Liabilities. This Agreement does not purport to rank any of the Intra-Group Liabilities and the Shareholder Liabilities as between themselves.