Examples of Collateral Rig Mortgage in a sentence
The Borrower and/or each Loan Party is the true, lawful and sole owner of each Collateral Rig stated to be owned by it, with respect to Effective Date Collateral Rigs, on Schedule 5.15(b) , and thereafter, in the relevant Collateral Rig Mortgage, and its ownership of each Collateral Rig is free and clear of all Liens except for Permitted Liens.
To ensure the legality, validity, enforceability or admissibility in evidence of each such Collateral Rig Mortgage in the applicable Acceptable Flag Jurisdiction or the jurisdiction of the applicable Loan Party that is party thereto, it is not necessary that any Collateral Rig Mortgage or any other document be filed or recorded with any court or other authority in any such jurisdiction, except as have been, or will be, made.
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Without limiting the provisions of this Indenture and the Security Documents and solely with respect to its interests in each of the Collateral Rig Mortgages, the Notes Collateral Agent agrees and declares, and each Holder by its acceptance of a Note acknowledges, that, subject to the terms and conditions of this Section 7.10, the Notes Collateral Agent holds the Trust Property that is the subject of the Collateral Rig Mortgage for the benefit of the Secured Parties absolutely.
Such Collateral Rig Mortgage shall be granted pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent and the Collateral Agent pursuant to the provisions of the Rig Collateral Requirements and shall constitute valid and enforceable perfected first priority Liens subject only to Permitted Liens related thereto (it being understood that any Permitted Liens under Section 6.02(u) shall be subject to the Intercreditor Agreement).
Each of the Holders by acquiring the Securities is hereby deemed to direct the Trustee to appoint the Collateral Agent as its mortgagee and security trustee to receive, hold, administer and enforce the Collateral Rig Mortgage covering the Collateral Rig, as contemplated under this Indenture.
No Collateral Grantor shall take any action or otherwise attempt to enforce any claim or maritime lien held by it against a Collateral Rig that has priority over any claim or Lien of the Collateral Agent in respect of such Collateral Rig, including any claims or Liens arising under the applicable Collateral Rig Mortgage.
To ensure the legality, validity, enforceability or admissibility in evidence of each such Collateral Rig Mortgage in the applicable Acceptable Flag Jurisdiction or the jurisdiction of the applicable Credit Party party thereto, it is not necessary that any Collateral Rig Mortgage or any other document be filed or recorded with any court or other authority in any such jurisdiction, except as have been, or will be, made.
Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document (including, without limitation, Sections 6.03, 6.04, 6.05, 6.06, 6.07 and 6.08), ensure that at all times from and after the date set forth in Section 5.16(e), that the Newbuild Rigs shall be owned by a Loan Party and subject to a Collateral Rig Mortgage.