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

Title; negative pledge and pari passu ranking. The Borrower will: (a) hold the legal title to, and own the entire beneficial interest in, the whole of the authorised share capital of 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 over any other asset, present or future 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 the Borrower will: (a) indirectly hold the legal title to, and own the entire beneficial interest in, the whole ordinary shares of the authorised share capital of the each Owner, free from all Security Interests Encumbrances and other interests and rights of every kind, except for those created by the Finance DocumentsPermitted Encumbrances; (b) not create or permit to arise any Security Interest Encumbrance over any other asset, present or future other than in the normal course of its business of acquiring, financing and operating vessels; and (c) procure that its liabilities under the Finance Security 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 the entire beneficial interest in, the whole of the authorised share capital of the each Owner, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; (b) procure that each Owner will not create or permit to arise any Security Interest over any other asset, present or future 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 and the Master Agreement 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 Each Borrower will: (a) hold the legal title to, and own the entire direct beneficial interest inin the Ship owned by it, the whole of the authorised share capital of the Ownerher Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for those created or permitted by the Finance Documents and the effect of assignments contained in the Finance Documents; (b) not create or permit to arise any Security Interest over any other asset, present or future other than in the normal course of its business of acquiring, financing and operating vesselsfuture; and (c) procure ensure 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.