| Commentary

14.2 The ranking of the debenture

| Commentary

14.2 The ranking of the debenture1

Unless there is a specific provision to the contrary, the rule is that the debentures rank as from the date and time of issue on that date with priority accordingly2. In order to counteract this rule, it is normal practice to provide for the ranking of the debentures. Provision should be made to ensure that all debenture holders of the same series rank equally by stipulating that the debenture holders of a series rank pari passu and that no single debenture holder can obtain an advantage over other debenture holders of

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