Common use of Title; negative pledge and pari passu ranking Clause in Contracts

Title; negative pledge and pari passu ranking. The Borrower will: (a) own (directly or indirectly) the entire beneficial interest in each Owner free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) hold the legal title to, and own (directly or indirectly) the entire beneficial interest in in, each Owner free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or futurefuture other than in the normal course of its business of acquiring and financing vessels; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) hold the legal title to, and own (directly or indirectly) the entire beneficial interest in each Owner the Ship, the Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance DocumentsDocuments and the effect of assignments contained in the Finance Document; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured insecured liabilities, except for liabilities Liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) own (directly or indirectly) the entire beneficial interest in each the Owner free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) hold the legal title to, and own (directly or indirectly) the entire beneficial interest in each Owner in, the Owner, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or futurefuture other than in the normal course of its business of acquiring, financing and operating vessels; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) hold the legal title to, and own (directly or indirectly) the entire beneficial interest in in, each Owner Owner, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or futurefuture other than in the normal course of its business of acquiring, financing and operating vessels; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) own (directly or indirectly) the entire beneficial interest in each Owner and in each Buyer free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) hold the legal title to, and own (directly or indirectly) the entire beneficial interest in each Owner in, the Owner, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or futurefuture other than in the normal course of its business of acquiring, financing and operating vessels; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

Title; negative pledge and pari passu ranking. The Borrower will: (a) own (directly or indirectly) indirectly hold the entire beneficial interest in in, each Owner Owner, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or futurefuture other than in the normal course of its business of acquiring, financing and operating vessels; and (c) procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.