Common use of No Security Interests Clause in Contracts

No Security Interests. Neither the Ship, nor her Earnings, Insurances or Requisition Compensation (each as defined in the Mortgage/General Assignment) nor the Accounts or any of them nor any other properties or rights which are, or are to be, the subject of any of the Finance Documents will be, on the date the Ship will be delivered to the Borrower subject to any Security Interest other than Permitted Security Interests.

No Security Interests. Neither the ShipShips, nor her the Earnings, Insurances or Requisition Compensation of the Ships (each as defined in the relevant Mortgage/General Assignment) nor the Accounts or any of them nor any other properties or rights which are, or are to be, the subject of any of the Finance Documents will be, on the date the a Ship will be delivered to the relevant Borrower subject to any Security Interest other than Permitted Security Interests.