Ship Mortgages. Administrative Agent shall have received from Borrower and each applicable Subsidiary Guarantor fully executed and notarized Ship Mortgages and/or amendments thereto in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each ship, barge or other vessel listed in Schedule 4.1J annexed hereto, and such other approvals, opinions or documents in connection with the foregoing as Administrative Agent may reasonably request.
Ship Mortgages. Each of the Ship Mortgages is in proper legal form under the laws of the relevant Acceptable Flag Jurisdiction for the enforcement thereof under such laws, subject only to such matters which may affect enforceability arising under the laws of the State of New York or with respect to Mortgaged Vessels registered in the Republic of Liberia, under the laws of the Republic of Liberia, and such other matters that do not substantially interfere with the practical realization of the principal benefits expressed in the Ship Mortgages, except for the economic consequences of any procedural delay that might result from such matters. To ensure the legality, validity, enforceability or admissibility in evidence of each such Ship Mortgage or other Loan Document in the relevant Acceptable Flag Jurisdictions it is not necessary that any such Ship Mortgage or other Loan Document or any other document be filed or recorded with any court or other authority in such relevant Acceptable Flag Jurisdiction, except as have been made or provided to the Administrative Agent, or will be made or provided to the Administrative Agent, in accordance with this Agreement or such Ship Mortgage. Each Ship Mortgage executed and delivered creates in favor of the Mortgagee (as defined in each Ship Mortgage) for the benefit of the Lenders a legal, valid, and enforceable first preferred mortgage lien over the Mortgaged Vessel or Mortgaged Vessels covered thereby and when duly recorded in accordance with the laws of the Mortgaged Vessel’s registry, will constitute a “preferred mortgage” within the meaning of Section 31301(6) of Title 46 of the United States Code, entitled to the benefits accorded a preferred mortgage on a foreign vessel, in the case of Mortgaged Vessels not registered under the laws and flag of the United States, and in the case of Mortgaged Vessels registered under the laws and flag of the United States, constitutes a “preferred mortgage” within the meaning of Section 31301(6) of Title 46 of the United States Code, entitled to the benefits accorded a preferred mortgage on a registered vessel under the laws and flag of the United States.
Ship Mortgages. On the Initial Borrowing Date, the Collateral Agent shall have received duly authorized, fully executed, acknowledged, and delivered first preferred ship mortgages substantially in the form of Exhibit M (as amended, modified, extended, renewed, replaced, restated or supplemented from time to time, each a “Ship Mortgage” and collectively, the “Ship Mortgages”), which Ship Mortgages shall cover such of the Ship Properties owned or leased by the Borrower and/or its Subsidiaries as shall be designated as such on Schedule IX as a mortgaged ship property thereunder (each, a “Mortgaged Ship Property” and collectively, the “Mortgaged Ship Properties”), together with evidence that the Ship Mortgages have been recorded or filed (or will be filed or recorded within 10 days of the Initial Borrowing Date) in all places to the extent necessary or, in the reasonable opinion of the Collateral Agent, desirable to effectively create a valid and enforceable Lien on each Mortgaged Ship Property in favor of the Collateral Agent (or such other trustee as may be required or desired under local law) for the benefit of the Secured Creditors.
Ship Mortgages. Upon request by the Lender at any time during a Default Period, the Parent Borrower shall cause each Company then owning an interest in one or more of the Ships to grant the Lender a first priority Lien in the "[Austral][Atlantic] Horizon".
Ship Mortgages. Ship mortgages satisfactory to Lender and (i) granting to Lender a Security Interest in each of the United States registered vessels Nantucket Clipper, Yorktown Clipper and the Bahamian registered vessel Clipper Adventurer, and (ii) assigning to Lender all income and proceeds thereof, which Security Interests shall be subject only to Permitted Security Interests that exist on the Execution Date and affect the foregoing."
Ship Mortgages. Company shall have delivered, and have caused Empress Hammxxx xxx, at the time it is acquired, Empress Joliet to deliver, the Ship Mortgages.
Ship Mortgages. As soon as practicable, but in any event no later than (i) 60 days, in the case of Panamanian-flagged vessels and (ii) 30 days, in the case of U.S.-flagged vessels, in each case, fleet or ship mortgages in form and substance reasonably satisfactory to the Required Lenders, to be promptly negotiated in good faith by all parties, hereto and covering the vessels identified as vessels to be mortgaged on Schedule 4.01(x) (the "SHIP MORTGAGES").
Ship Mortgages. Administrative Agent shall have received fully executed counterparts of ship mortgages in form and substance satisfactory to Administrative Agent and the Required Lenders, which ship mortgages shall cover such vessels to which Borrowers hold title, together with evidence that counterparts of such ship mortgages have been delivered on the Initial Borrowing Date to the appropriate Governmental Authority for recording to the extent necessary or desirable, in the judgment of Administrative Agent, to create a valid and enforceable first priority lien on such mortgaged ships, subject only to Permitted Liens in favor of Administrative Agent for the benefit of Secured Creditors, together with such surveys, in form and substance satisfactory to Administrative Agent, dated a recent date acceptable to Administrative Agent and such other documents and instruments as Administrative Agent may require to create and perfect the security interests contemplated hereby;
Ship Mortgages. Each Loan Party which owns a Mortgaged Vessel shall have duly authorized, executed and delivered, and shall have caused to be recorded or made arrangements satisfactory to the Administrative Agent for the recording thereof in the appropriate vessel registry, amendments to the Ship Mortgages with respect to each Mortgaged Vessel, and the Ship Mortgages, as amended, shall be effective to create in favor of the Mortgage Trustee a legal, valid and enforceable first priority security interest, in and lien upon such Vessels, subject only to Permitted Liens, securing Obligations in the principal amount of up to $200,000,000.
Ship Mortgages. Administrative Agent shall have received from Company and each applicable Subsidiary Guarantor fully executed and notarized Ship Mortgages and/or amendments thereto in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each ship, barge or other vessel listed in Schedule 4.1K annexed hereto, and such other ------------- approvals, opinions or documents in connection with the foregoing as Administrative Agent may reasonably request. L. Real Estate and Other Appraisals. Administrative Agent shall have received appraisals from one or more independent real estate and other appraisers satisfactory to Administrative Agent, in form, scope and substance satisfactory to Administrative Agent (including a determination that the appraised value (on a going concern basis) of the Biloxi Gaming Facilities, the Vicksburg Gaming Facilities, the Bossier City Gaming Facilities, the Bettendorf Gaming Facilities, the Marquette Gaming Facilities, the Coahoma Gaming Facilities, the Natchez Gaming Facilities and the Lake Cxxxxxx Gaming Facilities, collectively, is not less than $1,100,000,000) and satisfying the requirements of any applicable laws and regulations, concerning any Effective Date Mortgaged Properties (as defined in subsection 4.1I) and ships or barges subject to Ship Mortgages, in each case to the extent required under such laws and regulations as determined by Administrative Agent in its discretion. M.
