Claims Pari Passu. The Borrower shall, and shall procure that each of the other Security Parties shall, ensure that at all times the claims of the Finance Parties against it under the Security Documents rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation, winding-up or other similar laws of general application.
Appears in 6 contracts
Samples: Secured Revolving Credit Facility Agreement (Teekay Corp), Secured Term Loan Facility Agreement (Teekay Tankers Ltd.), Secured Loan Agreement (Teekay LNG Partners L.P.)
Claims Pari Passu. The Borrower shall, and Borrowers shall procure that each of the other Security Parties shall, ensure that at all times the claims of the Finance Parties against it any of them under the Security Documents rank at least pari passu with the claims of all its their other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation, winding-up or other similar laws of general application.
Appears in 3 contracts
Samples: Facility Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.), Secured Reducing Revolving Loan Facility Agreement (Teekay Shipping Corp)
Claims Pari Passu. The Borrower shall, and shall procure that each of the other Security Parties (save for the Guarantor and the Pledgor) shall, ensure that at all times the claims of the Finance Parties against it under the Security Documents rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation, winding-up or other similar laws of general application.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Teekay LNG Partners L.P.)
Claims Pari Passu. The Borrower shall, and shall procure that each of the other Security Parties (save for the Guarantors) shall, ensure that at all times the claims of the Finance Parties against it under the Security Documents rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation, winding-up or other similar laws of general application.
Appears in 1 contract
Samples: Loan Agreement
Claims Pari Passu. The Borrower shall, and shall procure that each of the other Security Parties (save for the Guarantor) shall, ensure that at all times the claims of the Finance Parties against it under the Security Documents rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation, winding-winding- up or other similar laws of general application.
Appears in 1 contract
Samples: Loan Agreement
Claims Pari Passu. The Borrower shall, and shall procure that each of the other Security Parties (save for the Guarantor) shall, ensure that at all times the claims of the Finance Parties against it under the Security Documents rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation, winding-up or other similar laws of general application.
Appears in 1 contract
