Common use of Legal Existence; Citizenship Authorization Clause in Contracts

Legal Existence; Citizenship Authorization. The Mortgagor is a corporation duly organized and validly existing under the laws of the State of Texas; and except as permitted by the Indenture, shall maintain its corporate existence during the term of this Mortgage; and the Mortgagor is and will continue to be a citizen of the United States within the meaning of Section 2 of the Shipping Act of 1916, as amended, and is duly qualified to engage in the trade in which the Vessel operates. The Mortgagor is duly authorized to mortgage the Vessel, and all corporate action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken by it, and this Mortgage is the valid and enforceable obligation of the Mortgagor, except that (a) the enforceability of any rights to indemnity and contribution hereunder may be limited by federal or state securities laws or principles of public policy, (b) enforceability hereof may be subject to applicable bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally, and (c) the enforceability hereof may be subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). All necessary consents and approvals of any Governmental Authority or any other entity to the entering into and performance of this Mortgage have been duly obtained or given and the entering into and performance of this Mortgage does not and will not contravene the terms of or constitute a default under (with or without giving of notice or lapse of time or both) any material agreement, instrument or document to which the Mortgagor is a party or by which it or its properties are bound or affected after giving effect to the use of the proceeds of the Notes.

Legal Existence; Citizenship Authorization. The Mortgagor is a corporation duly organized and validly existing under the laws of the State of Texas; and except as permitted by the Indenture, shall maintain its corporate existence during the term of this Mortgage; and the Mortgagor is and will continue to be a citizen of the United States within the meaning of Section 2 of the Shipping Act of 1916, as amended, and is duly qualified to engage in the trade in which the Vessel operates. The Mortgagor is duly authorized to mortgage the Vessel, and all corporate action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken by it, and this Mortgage is the valid and enforceable obligation of the Mortgagor, except that (a) the enforceability of any rights to indemnity and contribution hereunder may be limited by federal or state securities laws or principles of public policy, (b) enforceability hereof may be subject to applicable bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally, and (c) the enforceability hereof may be subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). All necessary consents and approvals of any Governmental Authority or any other entity to the entering into and performance of this Mortgage have been duly obtained or given and the entering into and performance of this Mortgage does not and will not contravene the terms of or constitute a default under (with or without giving of notice or lapse of time or both) any material agreement, instrument or document to which the Mortgagor is a party or by which it or its properties are bound or affected after giving effect to the use of the proceeds of the NotesNote.

Legal Existence; Citizenship Authorization. The Mortgagor is a corporation duly organized and validly existing under the laws of the State of TexasIllinois; and except as permitted by the Indenture, shall maintain its corporate existence during the term of this Mortgage; and the Mortgagor is and will continue to be a citizen of the United States within the meaning of Section 2 of the Shipping Act of 1916, as amended, and is duly qualified to engage in the trade trades in which each of the Vessel Vessels operates. The Mortgagor is duly authorized to mortgage each of the VesselVessels, and all corporate action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken by it, and this Mortgage is the valid and enforceable obligation of the Mortgagor, except that (a) the enforceability of any rights to indemnity and contribution hereunder may be limited by federal or state securities laws or principles of public policy, (b) enforceability hereof may be subject to applicable bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally, and (c) the enforceability hereof may be subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). All necessary consents and approvals of any Governmental Authority or any other entity to the entering into and performance of this Mortgage have been duly obtained or given and, after giving effect to the use of proceeds of the Note and the Senior Secured Notes, the entering into and performance of this Mortgage does not and will not contravene the terms of or constitute a default under (with or without giving of notice or lapse of time or both) any material agreement, instrument or document to which the Mortgagor is a party or by which it or its properties are bound or affected after giving effect to the use of the proceeds of the Notesaffected.

Legal Existence; Citizenship Authorization. The Mortgagor is a corporation general partnership duly organized and validly existing under the laws of the State of TexasLouisiana; and except as permitted by the Indenture, shall maintain its corporate partnership existence during the term of this Mortgage; and the Mortgagor is and will continue to be a citizen of the United States within the meaning of Section 2 of the Shipping Act of 1916Title 46, Xxxxxxx 000, 000 xx xxx Xxxxxx Xxxxxx Code, as amended, and is duly qualified to engage in the trade in which the Vessel operates. The Mortgagor is duly authorized to mortgage the Vessel, and all corporate partnership action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken by it, and this Mortgage is the valid and enforceable obligation of the Mortgagor, except that (a) the enforceability of any rights to indemnity and contribution hereunder may be limited by federal or state securities laws or principles of public policy, (b) enforceability hereof may be subject to applicable bankruptcy, insolvency, fraudulent conveyance or transfer, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally, and (c) the enforceability hereof may be subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). All necessary consents and approvals of any Governmental Authority or any other entity to the entering into and performance of this Mortgage have been duly obtained or given and the entering into and performance of this Mortgage does not and will not contravene the terms of or constitute a default under (with or without giving of notice or lapse of time or both) any material agreement, instrument or document to which the Mortgagor is a party or by which it or its properties are bound or affected after giving effect to the use of the proceeds of the New Notes.