Title; negative pledge. Each Borrower will:
(a) hold the legal title to, and own the entire beneficial interest in its Ship, her Insurances and her Earnings, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents (and the effect of assignments contained in the Finance Documents) and except for Permitted Security Interests; and
(b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future.
Title; negative pledge. Each Borrower will:
(a) hold the legal title to, and own the entire beneficial interest in the Ship owned by it, the Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and
(b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future (including, but not limited to, that Borrower's rights against the Swap Bank under the Master Agreement or all or any part of that Borrower's interest in any amount payable to that Borrower by the Swap Bank under the Master Agreement).
Title; negative pledge. Each Borrower will:
(a) hold the legal title to, and own the entire beneficial interest in the Ship owned by it, her Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for Permitted Security Interests; and
(b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future (including, but not limited to, the Borrowers’ rights against a Swap Counterparty under any Master Agreement or all or any part of the Borrowers’ interest in any amount payable to the Borrowers by a Swap Counterparty under a Master Agreement),
Title; negative pledge. The Borrower will:
Title; negative pledge. The Borrower will:
(a) hold the legal title to, and own 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; and
(b) procure that each Owner will not create or permit to arise any Security Interest over any other asset, present or future other than Permitted Security Interests or in the normal course of its business of acquiring, financing and operating the Ship which is owned by such Owner and, in the case of the Borrower, will not create or permit to arise any Security Interest over any rights against the Swap Banks under any Master Agreement (other than under the Finance Documents); and
(c) procure that its liabilities under the Finance Documents to which it is a party and the Master Agreement and the liabilities of each Owner under the Finance Documents to which it is a party do and will rank at least pari passu with all their other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.
Title; negative pledge. Each Shipowner will:
(a) hold the legal title to, and own the entire beneficial interest in the Ship owned by it, her Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and
(b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future including, but not limited to, the Borrowers' rights against the Lender under the Master Agreement or all or any part of the Borrowers' interest in any amount payable to the Borrowers by the Lender under the Master Agreement.
Title; negative pledge. Each Borrower will:
(a) hold the legal title to, and own the entire beneficial interest in the Shipbuilding Contract and each of the Refund Guarantees to which it is a party and in the Ship owned by it (following the delivery of the relevant Ship to the relevant Borrower on the relevant Delivery Date) and its Earnings and Insurances, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and
(b) not create or permit to arise any Security Interest over any other asset, present or future.
Title; negative pledge. The Borrower will:
(a) hold (directly or indirectly) the legal title to, and own 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 and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and
(b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future, other than Security Interests arising in the normal course of the Borrower’s business of acquiring, operating and (re)financing vessels.
Title; negative pledge. Each Borrower will keep its rights under the Shipbuilding Contract and Refund Guarantees to which it is a party, and with effect from the Delivery Date of the Ship, will hold the legal title to, and own the entire beneficial interest in its Ship, its Insurances and Earnings, in each case free from all Security Interests and other interests and rights of every kind, except for Permitted Security Interests.
Title; negative pledge. The Borrower will:
(a) hold the legal title to, and own the entire beneficial interest in the shares in, each Guarantor, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents; and
(b) not create or permit to arise any Security Interest over any other asset, present or future (including, but not limited to, the Borrower’s rights against the Lender under the Master Agreement or all or any part of the Borrower’s interest in any amount payable to the Borrower by the Lender under the Master Agreement), nor sign nor file, under the Uniform Commercial Code (or analogous statute or law) of any jurisdiction, a financing statement that names it as debtor, or sign any security agreement authorising any secured party thereunder to file such financing statement, or assign any right to receive income, other than Permitted Security Interests.
