Common use of Title; negative pledge Clause in Contracts

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 Shipowner 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 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.