Common use of Precautionary Mortgage and Security Interest Clause in Contracts

Precautionary Mortgage and Security Interest. Solely as a precaution in the event that the transactions under the Purchase Agreement and this Lease are recharacterized as a financing and not a true sale and absolute conveyance of the Assets (as defined in the Purchase Agreement) and a true lease of the Leased Property, and without derogating from the Parties’ intent in any way, Tenant grants Landlord a precautionary mortgage and security interest in the Leased Property to secure Tenant’s performance of its obligations under this Lease and amounts due from Seller under the Purchase Agreement. To further evidence and perfect such precautionary mortgage and security interest, (i) Tenant shall, and shall cause EXXI USA to, execute and deliver to Landlord on the Effective Date an Act of Mortgage and Security Agreement in the form attached hereto as Exhibit M (the “Protective Mortgage”), to be filed by Landlord in the Official Public Records, and (ii) Tenant hereby authorizes, and shall cause EXXI USA to authorize, Landlord, to file, with the Delaware Secretary of State and such other places as Landlord deems necessary or advisable, one or more UCC financing statements describing the Leased Property as collateral (the “Protective UCCs”).

Precautionary Mortgage and Security Interest. Solely as a precaution in the event that the transactions under the Purchase Agreement and this Lease are recharacterized as a financing and not a true sale and absolute conveyance of the Assets (as defined in the Purchase Agreement) and a true lease of the Leased Property, and without derogating from the Parties’ intent in any way, Tenant grants Landlord a precautionary mortgage and security interest in the Leased Property to secure Tenant’s performance of its obligations under this Lease and amounts due from Seller under the Purchase Agreement. To further evidence and perfect such precautionary mortgage and security interest, (i) Tenant shall, and shall cause EXXI USA to, execute and deliver to Landlord on the Effective Date an Act of Mortgage and Security Agreement in the form attached hereto as Exhibit M (the ““ Protective MortgageMortgage ”), to be filed by Landlord in the Official Public Records, and (ii) Tenant hereby authorizes, and shall cause EXXI USA to authorize, Landlord, to file, file with the Delaware Secretary of State and such other places as Landlord deems necessary or advisable, one or more UCC financing statements describing the Leased Property as collateral (the ““ Protective UCCsUCCs ”).

Precautionary Mortgage and Security Interest. Solely as a precaution in the event that the transactions under the Purchase Agreement and this Lease are recharacterized as a financing and not a true sale and absolute conveyance of the Assets (as defined in the Purchase Agreement) and a true lease of the Leased Property, and without derogating from the Parties’ intent in any way, Tenant grants Landlord a precautionary mortgage and security interest in the Leased Property to secure Tenant’s performance of its obligations under this Lease and amounts due from Seller under the Purchase Agreement. To further evidence and perfect such precautionary mortgage and security interest, (i) Tenant shall, and shall cause EXXI USA to, execute and deliver to Landlord on the Effective Date an Act of Mortgage and Security Agreement in the form attached hereto as Exhibit M (the “Protective Mortgage”), to be filed by Landlord in the Official Public Records, and (ii) Tenant hereby authorizes, and shall cause EXXI USA to authorize, Landlord, to file, file with the Delaware Secretary of State and such other places as Landlord deems necessary or advisable, one or more UCC financing statements describing the Leased Property as collateral (the “Protective UCCs”).