Common use of The Mortgaged Vessel Clause in Contracts

The Mortgaged Vessel. (a) Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the Mortgaged Vessel, on the Closing Date, is in such condition as is required by the Vessel Mortgage and Deed of Covenants and complies with all of the requirements of both such Security Documents. (b) Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the Subsidiary Guarantor will comply with and satisfy all of the provisions of the Merchant Shipping Act, Chapter 268 of the Statute Laws of The Bahamas, as at any time amended in order to establish and maintain the Vessel Mortgage as a first priority statutory ship mortgage thereunder on the Mortgaged Vessel and on all renewals, improvements and replacements made in or to the same.

The Mortgaged Vessel. (a) Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the Mortgaged Vessel, on the Closing Date, is in such condition as is required by the Vessel Mortgage and Deed of Covenants and complies with all of the requirements of both such Security Documents. (b) Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the Subsidiary Guarantor Borrower will comply with and satisfy all of the provisions of the Merchant Shipping Act, Chapter 268 of the Statute Laws of The Bahamas, as at any time amended in order to establish and maintain the Vessel Mortgage as a first priority statutory ship mortgage thereunder on the Mortgaged Vessel and on all renewals, improvements and replacements made in or to the same.