New Properties. At the time any Advance is used to finance the acquisition of any Oil and Gas Properties by Borrowers, Borrowers shall, at Lender's discretion, grant and thereafter shall maintain in favor of Lender at all times until the Obligations are paid and satisfied in full, valid first mortgage liens and first, prior and perfected security interests in and to all of their right, title and interest in such Oil and Gas Properties. Borrowers shall execute and deliver, or cause to be executed and delivered, such oil and gas mortgages, deeds of trusts, instruments, agreements, assignments, financing statements and other documents as may be reasonably necessary in the opinion of Lender and Lender's counsel to grant Lender valid first mortgage liens and first, prior and perfected security interests in and to such new Oil and Gas Properties.
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Sources: Credit Agreement (GMX Resources Inc)
New Properties. At the time any Advance is used to finance the acquisition of any Oil and Gas Properties by Borrowers, Borrowers shall, at Lender's discretion, grant and thereafter shall maintain in favor of Lender at all times until the Obligations are paid and satisfied in full, valid first mortgage liens and first, prior and perfected security interests in and to all of their right, title and interest in such Oil and Gas Properties. Borrowers shall execute and deliver, or cause to be executed and delivered, such oil and gas mortgages, deeds of trusts, instruments, agreements, assignments, financing statements and other documents as may be reasonably necessary in the opinion of Lender and Lender's counsel to grant Lender valid first mortgage liens and first, prior and perfected security interests in and to such new Oil and Gas Properties.. ARTICLE IV
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