Great Stirrup Cay Mortgage Central Bank Approval definition

Great Stirrup Cay Mortgage Central Bank Approval with respect to the mortgage by Great Stirrup Cay Limited over Great Stirrup Cay Island, (x) use commercially reasonable efforts to, as soon as practicable after receipt of the Great Stirrup Cay Mortgage Central Bank Approval with respect to Great Stirrup Cay Limited and the Supplemental Security Agent Central Bank Approval, with respect to the Supplemental Security Agent (the “Supplemental Security Agent Mortgage Central Bank Approval”), cause the Deed of Mortgage with respect to Great Stirrup Cay Island (the “Great Stirrup Mortgage”) by Great Stirrup Cay Limited in favor of the Supplemental Security Agent, to be duly executed, notarized and apostilled and within 10 Business Days thereafter cause the original Great Stirrup Mortgage to be submitted to the Department of Inland Revenue together with the Great Stirrup Share Pledge for payment of value added tax (if any) (it being understood that if the Great Stirrup Mortgage is executed and delivered simultaneously with the Great Stirrup Share Pledge and presented to the Department of Inland Revenue at the same time, no additional value added tax would be payable on the Great Stirrup Mortgage) provided that the full amount of value added tax was paid on the ​ ​ Great Stirrup Share Pledge in accordance with the Value Added Tax (Amendment) Act, 2022), (y) use commercially reasonable efforts to, within 10 Business Days thereafter deliver to counsel of the Supplemental Security Agent the duly executed, notarized and apostilled original Deed of Mortgage together with applicable value added tax paid thereon to record the same in the Registry of Records within 5 Business Days thereafter; provided, however, that notwithstanding anything herein to the contrary, a valid mortgage with respect to Great Stirrup Cay Island shall be in place no later than 120 days after the Signing Date; provided, further, for clarification purposes, that it shall be an Event of Default if a valid mortgage with respect to Great Stirrup Cay Island is not in place in the timeframe set forth in the immediately preceding proviso except to the extent such failure is the result of the Supplemental Security Agent failing to receive the Supplemental Security Agent Mortgage Central Bank Approval with respect to itself; and (z) use commercially reasonable efforts to deliver such surveys, title policies, opinions of counsel, abstracts, appraisals and other documents as the Security Agent (at the direction of Holders of at least a majority in aggregate...
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Related to Great Stirrup Cay Mortgage Central Bank Approval

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