Legal validity and enforceability. (a) Each Credit Party has duly executed and delivered each of the Credit Documents to which it is party, and each of such Credit Documents constitutes the legal, valid and binding obligation of such Credit Party enforceable against such Credit Party in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).
(b) After the execution and delivery thereof and upon the taking of the actions mentioned in the immediately succeeding sentence, each of the Security Documents creates in favor of the Collateral Agent for the benefit of the Secured Creditors a legal, valid and enforceable fully perfected first priority security interest in and Lien on all right, title and interest of the Credit Parties party thereto in the Collateral described therein, subject only to Permitted Liens. Subject to Sections 5.02(d) and 6.06 and the definition of “Collateral and Guaranty Requirements,” no filings or recordings are required in order to perfect the security interests created under any Security Document except for filings or recordings which shall have been made on or prior to each Borrowing Date.
(c) Each of the Credit Documents is or, when executed will be, in proper legal form under the laws of the Republic of the Mxxxxxxx Islands and the applicable Acceptable Flag Jurisdiction for the enforcement thereof under such laws, subject only to such matters which may affect enforceability arising under the law of the State of New York. To ensure the legality, validity, enforceability or admissibility in evidence of each such Credit Document in the Republic of the Mxxxxxxx Islands and the applicable Acceptable Flag Jurisdiction, it is not necessary that any Credit Document or any other document be filed or recorded with any court or other authority in the applicable Acceptable Flag Jurisdiction, except as have been made, or will be made, in accordance with Section 5.
(d) None of the Credit Parties has a place of business in any jurisdiction which requires any of the Security Documents to be filed or registered in that jurisdiction to ensure the validity of the Security Documents to which it is a party unless all such filings and registrations have been made or will be made, in accordance with Section 5.
Legal validity and enforceability. The Finance Documents and the Transaction Documents will, subject always to mandatory law, when executed by the respective parties thereto constitute legal, valid and binding obligations of such parties, enforceable in accordance with their respective terms and conditions, and save as provided for herein or therein, including nominal fees related to registration and enforcement of any of the Finance Documents, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the Finance Documents and/or the Transaction Documents enforceable against the parties thereto, and for the Security Documents to constitute valid and enforceable first priority Security Documents as contemplated therein or herein.
Legal validity and enforceability. The Finance Documents and the Transaction Documents will, subject always to mandatory Norwegian law, when executed by the respective parties thereto constitute legal, valid and binding obligations of such parties, enforceable in accordance with their respective terms and conditions, and save as provided for herein or therein, including nominal fees related to registration and enforcement of any of the Finance Documents, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the Finance Documents and/or the Transaction Documents enforceable against the parties thereto, and for the Security Documents to constitute valid and enforceable first priority Security Documents as contemplated therein or herein.
Legal validity and enforceability. Each of the Finance Documents and the Transaction Documents will when executed by the respective parties thereto constitute legal, valid and binding obligations of the respective party, enforceable in accordance with its terms, and save as provided for herein or therein, including nominal fees relating to registration and enforcement of any of the Security Documents, subject always to mandatory Norwegian law and any other applicable laws respectively, and except for the registration of the Mortgages with the Ship Registry and for the registration of the Factoring Agreement, the Charges over Inventory and the Charges over Machinery and Plant with Register of Movable Property, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render any of the Finance Documents valid and enforceable against the parties thereto, and for the Security Documents to constitute valid and enforceable Security Interest with the priority as contemplated therein or herein.
Legal validity and enforceability. Each Transaction Document constitutes (or will, when executed by the respective parties thereto, constitute) legal, valid and binding obligations of each Obligor which is party thereto, enforceable in accordance with its terms and, save as provided for therein and/or as have been or shall be completed prior to the relevant Drawdown Date, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the relevant Transaction Document enforceable against each of the Obligors which is a party thereto and, in respect of the Units, for the First Mortgages to constitute valid and enforceable first priority mortgages and for the Second Mortgages to constitute valid and enforceable second priority mortgages.
Legal validity and enforceability. The obligations on the part of the German Companies contained in the Relevant Documents to which the German Companies are parties are valid and legally binding on and enforceable in accordance with their terms against the German Companies which have executed them.
Legal validity and enforceability. This Agreement and each of the Transaction Documents will when executed by the respective parties thereto (and, in the case of the Security Documents which require registration, when duly registered) constitute a legal, valid and binding obligation of the respective party, enforceable in accordance with its terms and no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render this Agreement and/or any of the Transaction Documents enforceable against the parties thereto, and for the Security Documents to constitute valid and enforceable security documents and Security Interest with the priority as contemplated therein or herein.
Legal validity and enforceability. This Agreement and the Security Documents constitute the legal, valid and binding obligations of the Borrower and the Guarantors as the case might be, enforceable against them in accordance with their terms and conditions, and no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render this Agreement and the Security Documents enforceable against any of them, except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting the enforcement of creditors' right or by general principles of equity limiting the availability of equitable remedies.
Legal validity and enforceability. The Finance Documents constitute (or will, when executed by the respective parties thereto, constitute) legal, valid and binding obligation of such parties, enforceable in accordance with its terms and, save as provided for therein and/or as have been or shall be completed prior to the Initial Borrowing Date, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the Finance Documents enforceable against the Obligors and the Security Agreements to constitute valid and enforceable first priority security in accordance with their terms. The above terms and conditions remain subject to acceptable documentation. Please note further that the entering by the Lenders into any facility agreement requires (1) prior receipt by the Lenders of duly executed account opening forms, both in form and substance satisfactory to the Lenders and (2) anti-money laundering requirements being met.
Legal validity and enforceability. This Agreement and the Transaction Documents will, subject always to mandatory Norwegian law and any other applicable law respectively, when executed by the respective parties thereto constitute legal, valid and binding obligations of such parties, enforceable in accordance with their respective terms and conditions, and save as provided for herein or therein, including nominal fees related to registration and enforcement of any of the Security Documents, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render this Agreement and/or the Transaction Documents enforceable against the parties thereto, and for the Security Documents to constitute valid and enforceable first priority Security Documents as contemplated therein or herein.
