Vessel Mortgages. The Borrowers shall, and shall cause their Subsidiaries (or in the event the Acquisition does not occur, SPEX Sea Bird Ltd. and SPEX Sea Lion Ltd.) to, execute and deliver such mortgages, deeds and other security instruments, as shall be necessary to cause each of the following vessels to become a Mortgaged Vessel, and the earnings, charterparties and insurances to become Collateral, subject, in each case, to a perfected first-priority security interest (in each case, which vessels shall not be subject to any other Liens securing Indebtedness for borrowed money), including the following:
Vessel Mortgages. Within one Business Day of the Closing Date an opinion of Baker Botts L.L.P., counsel to each Loan Party executing a Vessel Morxxxxx, xxxxtantially in the form of Exhibit F-2 hereto.
Vessel Mortgages. (i) The Administrative Agent and the Collateral Agent shall have received a Vessel Mortgage in form and substance satisfactory to the Administrative Agent with respect to each Mortgaged Vessel, executed and delivered by a duly authorized officer of each party thereto.
Vessel Mortgages. The Loan Parties shall within 180 days after the Closing Date (as such time period may be extended by the Administrative Agent in its sole and reasonable discretion up to a total period of 270 days) cause to be delivered to the Administrative Agent (i) evidence in form and substance satisfactory to the Administrative Agent that the Liens in favor of the Security Trustee under the Vessel Security Documents are valid, perfected first priority Liens on all Collateral (consisting of Vessels owned by a Loan Party and referenced in the applicable Vessel Security Document), subject to Permitted Liens and (ii) a favorable written opinion from Xxxxxxxx Xxxxxx LLP, special counsel for the Borrowers and the Guarantors addressed to the Administrative Agent for the benefit of the Administrative Agent and the Lenders, covering such legal matters as the Administrative Agent may request with respect to the Vessel Security Documents.
Vessel Mortgages. On the First Closing Date, the Borrower shall have executed and delivered to the Bank, in recordable form, the Vessel Mortgages for each of the two Vessels being acquired under the Sun Agreement, along with assurances satisfactory to Bank and Bank's Counsel of the proper recording of the Vessel Mortgage in the Documentation Center and the status of the Vessel Mortgage, and endorsement by the Documentation Center, as a first priority "preferred mortgage", as defined in 46 U.S.C. Section 31301(6). Vessel Mortgages for any Chevron Vessels acquired by Borrower, and the evidence of recording and endorsement for such Vessel Mortgages, as required under this Agreement, shall be delivered to Bank prior to Bank's making of any Advance for either of the Chevron Vessels.
Vessel Mortgages. Exercise any and all of its rights under the Vessel Mortgages or any other agreement or agreements, without being deemed to have elected any remedy over another.
Vessel Mortgages. 7.1 Each mortgage in respect of a Collateral Vessel must be accompanied by a deed of covenants collateral thereto and be duly recorded in the relevant ship registry of a Permitted Jurisdiction as soon as possible following the Relevant Date (as defined below) but no later than two (2) Business Days thereafter and all related taxes and fees must be paid at least one (1) Business Day prior to the Relevant Date or such other period as requested by the mortgagee.
Vessel Mortgages. Within [__] days of the Closing Date an opinion of Xxxxx Xxxxx L.L.P., counsel to each Loan Party executing a Vessel Mortgage, substantially in the form of Exhibit F-2 hereto.
Vessel Mortgages. On the Restatement Effective Date, subject to Section 13.24, (i) Trico Shipping shall have duly authorized, executed and delivered, and caused to be recorded in the appropriate vessel registry, Vessel Mortgages, amendments to the Vessel Mortgages or amendments and restatements of the Vessel Mortgages, as applicable, (as the same have been amended, modified and/or supplemented to, but not including, the Restatement Effective Date) with respect to each of the Mortgaged Vessels listed in rows 1 through 12 on Schedule III in a manner reasonably satisfactory to the Administrative Agent, (ii) Trico Subsea shall have duly authorized, executed and delivered, and caused to be recorded in the appropriate vessel registry a Vessel Mortgage with respect to each such Collateral Vessel that has been delivered to Trico Subsea on the Restatement Effective Date, if any, and (iii) the Vessel Mortgages shall be effective to create in favor of the Collateral Agent and/or the Lenders a legal, valid and enforceable first priority security interest in, and lien upon, such Collateral Vessels, subject only to Permitted Liens. Except as specifically provided above, all filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the Collateral Agent to perfect and preserve such security interests shall have been duly effected and the Collateral Agent shall have received evidence thereof in form and substance reasonably satisfactory to the Collateral Agent.
Vessel Mortgages. The applicable Borrowers shall have executed and delivered to the Collateral Agent, in recordable form, the Vessel Mortgages for each of the Vessels, along with assurances satisfactory to the Administrative Agent and Lenders' Counsel of the proper recording of the Vessel Mortgages in the Documentation Center and the status of the Vessel Mortgage, and endorsement by the Documentation Center, as a first priority "preferred mortgage", as defined in 46 U.S.C. Section 31301(6).
