04Execution and Delivery; Binding Effect Clause Samples

04Execution and Delivery; Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by ▇▇▇▇▇▇▇▇. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other Laws affecting creditors’ rights generally and by general principles of equity. Each Collateral Vessel Mortgage, when executed and delivered, will create in favor of the Mortgagee as mortgagee and security trustee for the benefit of the Secured Parties, a legal, valid, and binding obligation of the applicable Collateral Vessel Owner, enforceable against such Collateral Vessel Owner under applicable law in accordance with its terms, and upon proper recordation with the NVDC, each such Collateral Vessel Mortgage will constitute a “preferred mortgage” over the whole of the Documented Collateral Vessels therein named within the meaning of Section 31301(6)(A) of Title 46 of the United States Code, entitled to the benefits accorded a preferred mortgage on a vessel registered under the laws and flag of the United States.