Ranking of Securities. The Securities will rank on a parity with all unsecured indebtedness of the Company (other than subordinated indebtedness of the Company) that is outstanding on the date hereof or that may be incurred hereafter, and senior to all subordinated indebtedness of the Company that is outstanding on the date hereof or that may be incurred hereafter.
Ranking of Securities. The security conferred by the Security Documents constitutes a priority security interest of the type therein described (subject to statutory preferences which may rank ahead of the security created thereunder and subject to those Permitted Encumbrances as referred to in clause 1.1.114(d) above) over the security assets therein referred to, which are not subject to any prior or other Encumbrances and is not liable to be set aside on insolvency of the Borrower.
Ranking of Securities. Except as set forth on Schedule 3.1(kk), no Indebtedness of the Company is senior to or ranks pari passu with the Securities in right of payment, whether with respect of payment of redemptions, interest, damages or upon liquidation or dissolution or otherwise.
Ranking of Securities. The Securities will rank, with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution, and winding up of the Company, senior to the Common Stock and the Class A Preferred Stock, and on a parity with the Class B Preferred Stock.
Ranking of Securities. The Securities will rank, with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution, and winding up of the Company, senior to the Common Stock and the Class A Preferred Stock and on a parity with the Class B Preferred Stock and the Class C Preferred Stock.
Ranking of Securities. The Securities will be subordinate in right of payment to the following existing indebtedness of the Company for borrowed money: (i) the Working Capital Credit Agreement and Fixed Asset Credit Agreement, each dated as of July 18, 2006, among the Company and certain of its subsidiaries as borrowers, the lenders thereunder, Xxxxxxx Xxxxx Bank USA, as Administrative Agent, and Xxxxxxx Xxxxx Commercial Finance Corp., as Sole Lead Arranger and Book Manager, as each term is defined therein, as may be amended, modified or supplemented, (ii) the 11.85% (formerly 11 5/8%) senior secured notes due 2009 and the remaining 11.35% (formerly 11 1/8%) senior secured notes due 2009, each issued under the Indenture, dated as of February 17, 2004 (as amended and restated as of May 6, 2005 and further amended as of July 18, 2006, the “2004 Notes Indenture”), among the Company, the guarantors named therein, and Wilmington Trust Company, as indenture trustee, as may be amended, modified or supplemented, and (iii) the 11 1/8% senior secured notes due 2009 issued under the Indenture, dated as of May 30, 2003 (the “2003 Notes Indenture”), among the Company, the guarantors named therein, and Wilmington Trust Company, as initial indenture trustee, and succeeded by Xxxxx Fargo Bank, National Association, as successor indenture trustee, under which the 2003 Notes were issued, as may be amended, modified, or supplemented. Except as set forth in the immediately preceding sentence, there is no other existing indebtedness of the Company for borrowed money which ranks senior to the Notes in right of payment.
Ranking of Securities. No Indebtedness of the Company or any of its Subsidiaries is senior to the Securities in right of payment.
Ranking of Securities. 18.1 Subject to the terms of any new class of Securities issued in accordance with and following the date of this Agreement, any Return of Proceeds to the Security Holders shall be distributed or be payable to the Security Holders (after payment of any (a) costs in accordance with Clause 23.2 (Exit Costs), where such distribution or payment is in connection with an Exit, as well as after payment of, (b) any debt financing to the Company and the Group) and (c) any Converted PIK Advances to the holders of Ordinary Shares pro rata to their holding of Ordinary Shares as compared to the total Ordinary Shares in issue or, in case of Exit or Transfer of Securities, pro rata to the number of Ordinary Shares subject to such event, as compared to the total Ordinary Shares subject to the relevant event, and in accordance with the Articles.
Ranking of Securities. The security conferred by those Security Documents which are expressed to create Encumbrances constitutes a priority security interest of the type therein described over the assets and rights therein referred to, which are not subject to any prior or other Encumbrances (save, with respect to the Gazit Canada Ontario Pledge and the Gazit Canada Israeli Pledge, for Permitted Liens (as such term is respectively defined in the Gazit Canada Ontario Pledge and the Gazit Canada Israeli Pledge)) and is not liable to be set aside on the insolvency of any Obligor.
Ranking of Securities. The obligations of the Company and the Guarantors in connection with the Securities will rank in respect of payment at least equally and ratably (pari passu) with all other unsecured and unsubordinated obligations of the Company and the Guarantors.
