Ownership and Security. Each of the Security Parties is the legal and beneficial owner of all assets and other property which it purports to charge, mortgage, pledge, assign or otherwise secure pursuant to each Security Document and those Security Documents to which it is a party create and give rise to valid and effective Security having the ranking expressed in those Security Documents.
Appears in 5 contracts
Samples: Secured Reducing Revolving Loan Facility Agreement (Gulfmark Offshore Inc), Secured Reducing Revolving Loan Facility Agreement (Gulfmark Offshore Inc), Secured Reducing Revolving Loan and Letter of Credit Facility Agreement (Gulfmark Offshore Inc)
