Ranking; Priority. The Company will, and will cause each of its Subsidiaries to, promptly take all actions as may be necessary to ensure that its obligations under the Loan Documents will at all times constitute direct, unconditional and general obligations thereof ranking at least pari passu in all respects with all other future and present unsecured and unsubordinated Indebtedness of the Company, except such Indebtedness ranking senior by operation of law (and not by contract or agreement).
Ranking; Priority. The payment obligations of each Obligor under the Credit Documents to which it is a party are and will at all times be unconditional general obligations of such Obligor, and rank and will at all times rank at least pari passu in priority of payment with all other present and future unsubordinated and unsecured Debt of such Obligor.
Ranking; Priority. Each of the Obligors shall promptly take all actions as may be necessary to ensure that its obligations under the Loan Documents and the Export Arrangements to which it is a party will at all times constitute direct and unconditional general obligations thereof ranking at least pari passu in right of payment with all of its other present and future unsubordinated Debt, it being understood that such other Debt (other than in the case of Xxxxxx, which may not incur any Debt) may be secured by Liens as permitted by Section 8.7 (and, as such, may have a prior claim to the Properties subject to such Liens) but no other Debt or other obligations shall benefit from the Collateral except as expressly permitted herein.
Ranking; Priority. Each of the Obligors shall promptly take all actions as may be necessary to ensure that its obligations under the Loan Documents to which it is a party will at all times constitute unconditional and unsubordinated general obligations thereof ranking at least pari passu with all of its other present and future unsubordinated Debt thereof; it being understood that such other Debt or other obligations may be secured by Liens permitted by Section 8.6 (and, as such, may have a prior claim to the Properties subject to such Liens) but no other Debt shall benefit from Liens on the Rights.
Ranking; Priority. Seniority shall not be a basis for determining the order of teacher dismissal for a reduction in force except when deciding between teachers who have comparable evaluations. Evaluations will be deemed comparable when teachers earn the same rating within a group as described below. The ratings used to determine each group will be the rating assigned for the three prior evaluations most recently completed prior to the notice of reduction in force (accomplished, skilled, developing, or ineffective). Comparison of the three year period shall be made by awarding points for each rating during the three year period. Accomplished = 4 points, Skilled = 3 points, Developing = 2 points, and Ineffective = 1 point. Comparable ratings shall be determined by the total points for three years. Group One = up to 4 points total Group Two = 5-10 points total Group Three = 11-12 points total For a teacher with less than three evaluations a single point will be added for each year to total three years. Within each teaching field affected by the staff reduction, all teachers will be ranked in the following priorities:
Ranking; Priority. The payment obligations of Newark, each Newark Subsidiary, VCP Exportadora and VCP hereunder and under the other Loan Documents are and will at all times be unconditional general obligations of Newark, each Newark Subsidiary, VCP and/or VCP Exportadora, and rank and will at all times rank at least pari passu with all other present and future unsubordinated Debt of Newark, each Newark Subsidiary, VCP Exportadora and VCP (including any relating to the Other Facility); it being understood that such other Debt may be secured by Liens permitted by Section 8.7 (and, as such, may have a prior claim to the Properties subject to such Liens) but, other than Permitted Liens of the type described in clauses (a) and (b) of the definition thereof, no other Debt or other obligations shall benefit from Liens on the Collateral that shall have priority over the Liens securing the Debt under the Loan Documents. The Liens created by the Loan Documents will constitute, on and at all times after the Borrowing Date, valid first and prior perfected Liens on the Collateral purported to be covered thereby, subject to no equal or prior Lien other than Permitted Liens.
Ranking; Priority the payment obligations of each Obligor under the Loan Agreement and the Guarantee, as applicable, are unconditional and unsecured general obligations of the relevant Obligor, and rank at least pari passu in priority of payment in Insolvency Proceedings with all other present and future unsubordinated and unsecured Indebtedness of such Obligor unless otherwise stipulated by mandatory law.
Ranking; Priority. This Note will be senior Indebtedness of the Company, ranking equally in right of payment with any present and future senior Indebtedness (including the other Notes) and ranking senior in right of payment to any present and future subordinated Indebtedness and to any present or future equity securities or other interests in the Company.
Ranking; Priority. Each of Newark, each Newark Subsidiary, VCP Exportadora and VCP shall promptly take all actions as may be necessary to ensure that its obligations under the Loan Documents to which it is a party will at all times constitute unconditional and unsubordinated general obligations thereof ranking at least pari passu with all other present and future unsubordinated Debt thereof (including any Debt under the Other Facility); it being understood that such other Debt or other obligations may be secured by Liens permitted by Section 8.7 (and, as such, may have a prior claim to the Properties subject to such Liens) but, other than Permitted Liens of the type described in clauses (a) and (b) of the Credit Agreement 43 definition thereof, no other Debt shall benefit from Liens on the Collateral that shall have priority over the Liens securing the Debt under the Loan Documents.
Ranking; Priority it shall promptly take all actions as may be necessary to ensure that its obligations under this Loan Agreement will at all times constitute unconditional and unsubordinated obligations of the Borrower and will rank at least pari passu in Insolvency Proceedings with all other present and future unsecured and unsubordinated obligations of the Borrower, as the case may be, from moneys borrowed, unless otherwise stipulated in mandatory provisions of law.
