Common use of Title; negative pledge Clause in Contracts

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 The Borrower will and will procure that each Owner will: (a) as from the Delivery Date in respect of its Ship, hold the legal title to, and own the entire beneficial interest in its that 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) 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 The Borrower will: (a) hold the legal title to, and own either directly or indirectly the entire beneficial interest in its Ship, her Insurances each Owner and her Earnings, each Unencumbered 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 futurefuture other than in the normal course of its business of acquiring, financing and operating vessels and companies with shipping interests.

Title; negative pledge. Each The 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 The Borrower will: (a) hold the legal title to, and own the entire beneficial interest in its the Ship, her the 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 The Borrower will: (a) shall hold the legal title to, and own the entire beneficial interest in its each Ship, her Insurances its Earnings and her EarningsInsurances, 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) 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 The Borrower will: (a) hold the legal title to, and own the entire beneficial interest in its Ship, her Insurances and her Earningseach 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 in the ordinary course of its business of owning the Owners and of acquiring, financing and operating vessels.

Title; negative pledge. Each The Borrower will: (a) hold the legal title to, and own the entire beneficial interest in its Ship, her Insurances and her Earningseach Owner, free from all Security Interests and other interests and rights of every kind, except for Permitted Security Interests and 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 futurefuture , other than in the ordinary course of its business of owning the Owners and of acquiring, financing and operating vessels.

Title; negative pledge. Each Borrower will: (a) as from the Delivery Date in respect of the Ship to be owned by it hold the legal title to, and own the entire beneficial interest in its that 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) 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 It will: (a) as from purchase of the Ship owned by that Borrower hold the legal title to, and own the entire beneficial interest in its in, that Ship, her Insurances its Earnings and her Earningsits 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 (except for Permitted Security Interests) over any other asset, present or future.

Title; negative pledge. Each The Borrower will: (a) hold the legal title to, and own the entire beneficial interest in its the Ship, her the 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) 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 The Borrower will: (a) hold the legal title to, and own the entire beneficial interest in its the Financed Ship, her its 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 its Shipthe Ship owned by it, her the 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 its Ship, her Ship and its 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.