Security Assets. Each Obligor is solely and absolutely entitled to the Security Assets over which it has or will create any Security Interest pursuant to the Security Documents to which it is, or will be, a party and there is no agreement or arrangement, under which it is obliged to share any proceeds of or derived from such Security Assets with any third party.
Security Assets. (a) Subject to Permitted Liens and any rights of the Charterer under a Drilling Charter, the Owner is the sole legal and beneficial owner entitled to the Security Assets over which it has or will create any Security Interest pursuant to the Security Documents to which it is or will be a party and there is no agreement or arrangement, other than in the DPP, under which it is obliged to share any proceeds of or derived from such Security Assets with any third party.
(b) Each Security Document to which it is or will be a party creates or will create first priority security interests of the type described.
Security Assets. The Borrower is solely and absolutely entitled to the Security Assets over which it has or will create any Security Interest pursuant to the Security Documents to which it is, or will be, a party and there is no agreement or arrangement, other than in the DPP, under which it is obliged to share any proceeds of or derived from such Security Assets with any third party.
Security Assets. The Chargor undertakes that:
(a) it will (subject to the terms of the Facility Agreement) remain the legal and beneficial owner of the Security Assets and it or its nominee will remain the absolute legal owner of the Security Assets; and
(b) it will not take any action whereby the rights attaching to the Shares or the Related Rights are altered or diluted except to the extent permitted by the Administrative Agent.
Security Assets. (a) The Chargor has not received notice of any adverse claim in respect of any of the Security Assets.
(b) The Chargor is (subject to the terms of the Facility Agreement) the legal and beneficial owner of the Security Assets and it or its nominee is the absolute legal owner of the Security Assets and, with full title guarantee, it is able to mortgage and has so mortgaged the Security Assets.
(c) The security created over the Security Assets under this Mortgage constitutes a first priority security interest over the Security Assets.
(d) The Security Assets are within the Chargor’s disposition and control and neither the terms of the Security Assets nor of the Memorandum and Articles of Association of the Issuer restrict or otherwise limit the right to mortgage, charge or pledge the Security Assets in favour of the Administrative Agent.
(e) The Shares are duly authorised, validly issued, fully paid or credited as fully paid and no calls have been made in respect thereof which remain unpaid or can be made in respect thereof in the future.
(f) Except as stated in Clause 3 (Creation of Security), the Chargor has not sold or granted any rights of pre-emption over or agreed to sell or grant any right of pre-emption over or otherwise disposed of or agreed to dispose of the benefit of all or any of its rights, title and interest in and to all or any part of the Security Assets.
(g) The Shares are non-assessable and neither the Shares nor the Related Rights are subject to any options to purchase or similar rights of any person.
Security Assets the Security Assets or the use or occupation thereof --------------- by any person; or
Security Assets. Each Owner is solely and absolutely entitled to the Security Assets over which it has or will create any Security Interest pursuant to the Security Documents to which it is, or will be, a party and there is no agreement or arrangement under which it is obliged to share any proceeds of or derived from such Security Assets with any third party.
Security Assets. It is solely and absolutely entitled to the Security Assets to which it is, or will be, a party and there is no agreement or arrangement under which it is obliged to share any proceeds of or derived from such Security Assets with any third party.
Security Assets. (a) It is, and will at all times be, the sole legal and beneficial owner of its Security Assets.
(b) Each of its Security Assets is free from:
(i) any Encumbrance (other than any Encumbrance created by a Security Document); and
(ii) any interests or claims of third parties other than interests or claims arising by operation of law affecting companies generally.
Security Assets. (a) The Chargor is the sole legal and beneficial owner of the Security Assets.
(b) The Security Assets are free from:
(i) any Security Interest (other than any Security Interest created by this Deed); and
(ii) any interests or claims of third parties (other than liens and rights of set-off in favour of the Account Bank which arise in respect of usual administrative and transactional fees and charges).
