Common use of Legal validity and enforceability Clause in Contracts

Legal validity and enforceability. Each of the Finance Documents and the Transaction Documents will when executed by the respective parties thereto constitute legal, valid and binding obligations of the respective party, enforceable in accordance with its terms, and save as provided for herein or therein, including nominal fees relating to registration and enforcement of any of the Security Documents, subject always to mandatory Norwegian law and any other applicable laws respectively, and except for the registration of the Mortgages with the Ship Registry and for the registration of the Factoring Agreement, the Charges over Inventory and the Charges over Machinery and Plant with Register of Movable Property, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render any of the Finance Documents valid and enforceable against the parties thereto, and for the Security Documents to constitute valid and enforceable Security Interest with the priority as contemplated therein or herein.