another regular covenant securing fair/equal treatment of all (same-ranked) creditors with respect to providing collateral resp. other benefits. Having said this, the Borrower should respect this condition with respect to all Creditors within Working-capital financing, and LT financing and/or for Senior-secured Creditors, however he may apply different approach across these levels of Creditors. This means, that if there are two Creditors for WCF, it is prohibited to grant Citi with pledged receivables only while Deutsche would benefit from pledged receivables + Real/estate. On the contrary, ABN as a loan provider for LT financing may require as adequate collateral mortgage on Real/estates. And similarly, Senior-secured Creditors/ Bond holders, who provide “big-ticket” financing for acquisitions, project financing etc. may require whole package of collateral thus placing other “minor” creditors into less favorable and possibly unsecured position.