These two terms from the Notes prospectus seem to be quite clear when it comes to the banks being paid first.
I still don't know if we rank equally with all unsecured debt. There is no reason to think we would rank higher, I actually think if all _un_sobordinated debt is paid first then we might rank below other unsecured debt holders.
11.5 Distribution
On any distribution of assets of the issuer to creditors or shareholders generally or both, as a direct or indirect result of Winding Up..., all unsubordinated debt shall first be paid in full before any payment is made on acount of an Allco Notes.
11.6 No Secuirty Interest
Nothing in these Terms of Issue creates a Security Interest over any asset of a Holder.
These two terms from the Notes prospectus seem to be quite clear...
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