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 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. Each The Borrower will: (a) keep its rights under the Shipbuilding Contract, the Supervision Agreement and the Refund Guarantee and with effect from delivery of the Ship under the Shipbuilding Contract will hold the legal title to, and own the entire beneficial interest in the Shipbuilding Contract Ship, the Insurances 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 InsurancesEarnings, 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; andor (b) not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future.