Status of security. (i) The Security Documents create, or when executed and duly registered will create, valid and enforceable first priority Liens (or other interests or rights of the kind purported to be created thereby) over all of the Secured Property.
(ii) It has not received any notice of any adverse claim by any Person in respect of its ownership of, or entitlement to, the Secured Property.
(iii) The Secured Property is not, and will not at any time be, subject to any Lien other than pursuant to the Security Documents.
Status of security. (a) Each Finance Document to which it is a party does now or, as the case may be, will upon execution and delivery (and, where applicable, registration) confer the Security it purports to confer over any assets to which such Security, by its terms, relates subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 25 (Changes to the Obligors); and
(b) no third party will have any Security (except for Permitted Security) over any asset to which such Security, by its terms, relates.
Status of security. Each Security Document confers the Security Interests it purports to confer over all of the assets referred to in it and those Security Interests:
(a) are not subject to any prior or higher ranking or pari passu Security Interests (other than any Permitted Security Interests); and
(b) are not void or liable to avoidance, due to the insolvency of the Borrower on the date of execution of the relevant Security Document, on liquidation or bankruptcy, composition or any other similar insolvency proceedings.
Status of security. (a) The provisions of each Finance Document do now or, as the case may be, will upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents), create in favor of the Security Trustee (i) in the case of the Mortgages, a valid first “preferred mortgage” within the meaning of Chapter 3 of the Mxxxxxxx Xxxxxxx Xxxxxxxx Xxx, 0000, as amended (or, if applicable, a first priority ship mortgage under the laws of the relevant Alternative Approved Flag), on the respective Ships, subject to the recording or registration of the Mortgages as described in the following paragraph, (ii) in the case of the Assignments of Shipbuilding Contract and Refund Guarantee, the Assignments of Earnings, the Assignments of Insurances, the Pledge Agreement and the General Security Agreements a valid, binding and executed and enforceable security interest in all right, title and interest in the collateral therein described, and shall constitute a fully perfected first priority security interest in favor of the Security Trustee in all right, title and interest in such collateral, subject to no other Security and subject in the case of (A) the Assignments of Shipbuilding Contract and Refund Guarantee and the Assignments of Earnings, to notice being given to account parties and to filing proper financing statements in the District of Columbia and the State of New York, and consent of such account parties being obtained, and (B) the Assignments of Insurances, to notice being given to underwriters and protection and indemnity clubs, and their consent being obtained where policy provisions or club rules so require), and (iii) in the case of the Account Charges, the General Account Charges, the Security Interest Deed and the Master Agreement Assignments, a valid, binding and executed and enforceable Security Interest over the assets to which such Finance Documents, by their terms, relate;
(b) upon execution and delivery by the relevant Guarantor and recording in accordance with the laws of the Republic of The Mxxxxxxx Islands (or, if applicable, registration in accordance with the law of the relevant Alternative Approved Flag), each of the Mortgages will be a first “preferred mortgage” within the meaning of Chapter 313 of Title 46 of the United States Code and will qualify for the benefits accorded a “preferred mortgage” under Chapter 313 of Title 46 of the United States Code and no other filing or recording or refiling or rerecording or any other a...
Status of security. Each Security Document confers or following execution will confer (in each case on proper registration or notification thereof, as the case may be) valid, fully perfected first ranking Security over the relevant assets securing all the obligations expressed to be secured by that Security Document and those Security other than any obligation mandatorily preferred by law.
Status of security. The Debenture confers a first-ranking security interest of the type it purports to create over all of the Company's assets and undertaking.
Status of security. Each Security Document confers the Security Interests it purports to confer over the Security Assets and those Security Interests are not subject to any prior or pari passu Security Interest (other than any Permitted Security Interests).
Status of security. Each Security Document to which it is party, confers the Security Interests it purports to confer over all of the assets referred to in it and those Security Interests:
(i) are not subject to any prior or higher ranking or pari passu Security Interests (other than any Permitted Security Interests);
(ii) are not void or liable to avoidance, due to the insolvency of the Borrower on the date of execution of the relevant Security Document, on liquidation or bankruptcy, composition or any other similar insolvency proceedings; and
(iii) have been duly filed, recorded and/or registered in each office where required to create, perfect and maintain in full force and effect all Security Interests under the Security Documents.
Status of security. 22.5.1 Each Finance Document to which it is a party does now or, as the case may be, will, upon execution and delivery and, where applicable, registration, confer the Security Interests it purports to confer over any assets to which such Security Interest, by its terms, relates, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to any Finance Documents.
Status of security. Interest Upon the filing of financing statements attached as Schedule 5 to the Perfection Certificate in the filing offices set forth opposite such Grantor’s name in Schedule 6 to the Perfection Certificate, the security interest of Administrative Agent in all Collateral that can be perfected by the filing of a financing statement under the Uniform Commercial Code as in effect in any jurisdiction will constitute valid, perfected, first priority Liens subject to any Permitted Liens with respect to Collateral. Each agreement purporting to give Administrative Agent Control over any Collateral is effective to establish Administrative Agent’s Control of the Collateral subject thereto;
