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 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 The Borrower will: (a) hold the legal title to, and own the entire beneficial interest interest, in the Ship owned by itShip, the 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, that the Borrower's ’s rights against the Swap Bank under the Master Agreement or all or any part of that the Borrower's ’s interest in any amount payable to that the 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, 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).. 422 EUROPE/66436786v5

Title; negative pledge. Each The Borrower will: (a) hold the legal title to, and own the entire beneficial interest in the Ship owned by itShip, 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 the Borrower's ’s rights against the Swap Bank under the Master Agreement or all or any part of that the Borrower's ’s interest in any amount payable to that the 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, the 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, that Borrower's ’s rights against the Swap Bank under the Master Agreement or all or any part of that Borrower's ’s interest in any amount payable to that Borrower by the Swap Bank under the Master Agreement); but paragraph (a) does not apply to any charter of the ship as to which Clause 13.13 applies.

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 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, that Borrower's rights against the a Swap Bank Counterparty under the a Master Agreement or all or any part of that Borrower's interest in any amount payable to that Borrower by the a Swap Bank Counterparty under the a Master Agreement).

Title; negative pledge. Each Borrower will: (a) as from the relevant Delivery Date, hold the legal title to, and own the entire beneficial interest in the Ship owned by it, the 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, 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) as from the relevant Delivery Date, hold the legal title to, and own the entire beneficial interest in the Ship owned by it, the 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, that Borrower's ’s rights against the Swap Bank under the Master Agreement or all or any part of that Borrower's ’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, 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 BorrowerXxxxxxxx'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 itits 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 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 the Borrowers' rights against the Swap Bank Lender under the Master Agreement Agreements or all or any part of that Borrower's the Borrowers' interest in any amount payable to that Borrower the Borrowers by the Swap Bank Lender under the each Master Agreement).