Claims Pari Passu. Under the laws of the Security Parties’ respective jurisdictions of incorporation or formation in force at the date hereof, the Indebtedness will, to the extent that it exceeds the realised value of any security granted in respect of the Indebtedness, rank at least pari passu with all the Security Parties’ other unsecured indebtedness save that which is preferred solely by any bankruptcy, insolvency or other similar laws of general application.
Appears in 18 contracts
Samples: Loan Agreement (Teekay Tankers Ltd.), Facility Agreement, Loan Agreement
Claims Pari Passu. Under the laws of the Security Parties’ respective jurisdictions of incorporation or formation in force at the date hereof, the Indebtedness will, to the extent that it exceeds the realised value of any security granted in respect of the Indebtedness, rank at least pari passu with all the Security Parties’ other unsecured indebtedness save that which is preferred solely by any bankruptcy, insolvency or other similar laws of general application.
Appears in 3 contracts
Samples: Facility Agreement (Teekay Tankers Ltd.), Facility Agreement (Teekay Corp), Facility Agreement (Teekay Corp)
Claims Pari Passu. Under the laws of the Security Parties’ ' respective jurisdictions of incorporation or formation in force at the date hereof, the Indebtedness will, to the extent that it exceeds the realised value of any security granted in respect of the Indebtedness, rank at least pari passu with all the Security Parties’ ' other unsecured indebtedness save that which is preferred solely by any bankruptcy, insolvency or other similar laws of general application.
Appears in 2 contracts
Samples: Teekay LNG Partners L.P., Loan Agreement (Teekay Offshore Partners L.P.)
Claims Pari Passu. Under the laws of the Security Parties’ respective jurisdictions of incorporation or formation organisation in force at the date hereof, the Indebtedness will, to the extent that it exceeds the realised value of any security granted in respect of the Indebtedness, rank at least pari passu with all the Security Parties’ other unsecured indebtedness save that which is preferred solely by any bankruptcy, insolvency or other similar laws of general application.
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Claims Pari Passu. Under the laws of the Security Parties’ ' respective jurisdictions of incorporation or formation in force at the date hereof, the Indebtedness will, to the extent that it exceeds the realised value of any security granted in respect of the Indebtedness, rank at least pari passu with all the Security Parties’ ' other unsecured indebtedness save that which is preferred solely by any bankruptcy, insolvency or other similar laws of general application.. \P1\3549672.7
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