Common use of Preservation of Security Clause in Contracts

Preservation of Security. The Borrower shall observe and perform all of its obligations and all matters and things necessary or expedient to be done, observed or performed by virtue of any law, decree, regulation or similar enactment for the purpose of creating, maintaining and keeping maintained the liens created by the Security granted by the Borrower as a valid and effective security interest in favour of the Lender or its assigns upon the property, assets and undertaking charged or intended to be charged thereby and performing the obligations therein contained. The Borrower shall file, register, enter or record the Security, all modifications thereto and all other instruments of further assurance in respect thereof without delay wherever in the opinion of the Lender it would be of material advantage in preserving and protecting the liens created by the Security and shall renew such filings, registrations, entries or recordings from time to time as and when required, including as required by the Lender acting reasonably, and to fully and effectively maintain and keep maintained the Security as a valid and effective security interest upon the property, assets and undertaking charged or intended to be charged thereby.