Common use of Secured Property Clause in Contracts

Secured Property. Each Obligor must: (a) maintenance of the Secured Property: (1) maintain and protect its Secured Property (and in the case of the Project Obligors, the Project Assets); (2) keep its Secured Property (and in the case of the Project Obligors, the Project Assets) in a good state of repair and in good working order allowing for fair wear and tear; (3) remedy every material defect (if any) in its title to any part of Secured Property (and in the case of the Project Obligors, the Project Assets); (4) take or defend all legal proceedings to protect or recover any of its Secured Property (and in the case of the Project Obligors, the Project Assets) where failure to do so might reasonably be likely to have a Material Adverse Effect; (5) keep its Secured Property (and in the case of the Project Obligors, the Project Assets) valid and subsisting and free from liability to forfeiture, cancellation, avoidance or loss; and (6) take all commercially reasonable steps to identify, protect and perfect with the highest priority reasonably available any PPSA Security Interest in respect of which an Obligor is or is to become the PPSA Secured Party;

Secured Property. Each Obligor must: (a) maintenance of the Secured Property: (1) maintain and protect its Secured Property (and in the case of the Project Obligors, the Project Assets); (2) keep its Secured Property (and in the case of the Project Obligors, the Project Assets) in a good state of repair and in good working order allowing for fair wear and tear; (3) remedy every material defect (if any) in its title to any part of Secured Property (and in the case of the Project Obligors, the Project Assets); (4) take or defend all legal proceedings to protect or recover any of its Secured Property (and in the case of the Project Obligors, the Project Assets) where failure to do so might reasonably be likely to have a Material Adverse Effect;; and (5) keep its Secured Property (and in the case of the Project Obligors, the Project Assets) valid and subsisting and free from liability to forfeiture, cancellation, avoidance or loss; and; (6) take all commercially reasonable steps to identify, protect and perfect with the highest priority reasonably available any PPSA Security Interest in respect of which an Obligor is or is to become the PPSA Secured Party;