Validity, effectiveness and ranking 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 create, subject to the Perfection Requirements, the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective. (b) No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by it.
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Samples: Term Loan Facility (United Maritime Corp), Term Loan Facility (Seanergy Maritime Holdings Corp.), Facility Agreement (United Maritime Corp)
Validity, effectiveness and ranking 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 create, subject to the Perfection Requirements, create the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.
(b) No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by it.
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Validity, effectiveness and ranking of Security. (a) Each Finance Document to which it each Transaction Obligor is a party does now or, as the case may be, will upon execution and delivery create, subject to the Perfection Requirements, create the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.
(b) No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by iteach Transaction Obligor.
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