Common use of Maintenance of Security Interests Clause in Contracts

Maintenance of Security Interests. Each Obligor will: (a) at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and (b) without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any Finance Document with any applicable court or authority, pay any applicable stamp, registration or similar tax in respect of any Finance Document, give any notice or take any other step which, in the reasonable opinion of the Issuer is or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

Appears in 3 contracts

Sources: Guarantee Facility Agreement (TBS International PLC), Guarantee Facility Agreement (TBS International LTD), Guarantee Facility Agreement (TBS International LTD)

Maintenance of Security Interests. Each Obligor will: (ai) at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and (bii) without limiting the generality of paragraph (ap)) above, at its own cost, promptly register, file, record or enrol any Finance Document with any applicable court or authorityauthority in all Relevant Jurisdictions, pay any applicable stamp, registration or similar tax in all Relevant Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the reasonable opinion of the Issuer is which may be or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.;

Appears in 3 contracts

Sources: Loan Agreement (Performance Shipping Inc.), Loan Agreement (Performance Shipping Inc.), Loan Agreement (Imperial Petroleum Inc./Marshall Islands)

Maintenance of Security Interests. Each Obligor Borrower will: (a) at its own cost, do all that it reasonably can is necessary to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and (b) without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any Finance Document with any applicable court or authority, pay any applicable stamp, registration or similar tax in respect of any Finance Document, give any notice or take any other step which, in the reasonable opinion of the Issuer Majority Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

Appears in 3 contracts

Sources: Amending and Restating Agreement (TBS International PLC), Amending and Restating Agreement (TBS International PLC), Loan Agreement (TBS International LTD)

Maintenance of Security Interests. Each Obligor will: (ai) at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and (bii) without limiting the generality of sub paragraph (a)i) above, at its own cost, promptly register, file, record or enrol any Finance Document with any applicable court or authorityauthority in all Relevant Jurisdictions, pay any applicable stamp, registration or similar tax in all Relevant Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the reasonable opinion of the Issuer is which may be or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.;

Appears in 1 contract

Sources: Loan Agreement (Seanergy Maritime Holdings Corp.)

Maintenance of Security Interests. Each Obligor will: (ai) at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and (bii) without limiting the generality of paragraph (a)q) above, at its own cost, promptly register, file, record or enrol any Finance Document with any applicable court or authorityauthority in all Relevant Jurisdictions, pay any applicable stamp, registration or similar tax in all Relevant Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the reasonable opinion of the Issuer is which may be or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.;

Appears in 1 contract

Sources: Loan Agreement (Pyxis Tankers Inc.)