Common use of Security Assets Clause in Contracts

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. (a) Subject to Permitted Liens and any rights of the Charterer under a the Drilling Charter, the Owner Borrower 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, arrangement 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.