Common use of Security confirmation Clause in Contracts

Security confirmation. On the Effective Date, each Obligor relating to each Charter confirms that: (i) any security interest created by it under the Operative Documents relating to such Charter extends to the obligations of such Obligor under the relevant Amended Charter to which it is a party and the other Operative Documents (relating to such Amended Charter) to which it is a party; (ii) the obligations of such Obligor under the relevant Amended Charter to which it is a party are included in the Secured Obligations (as defined in the relevant Operative Documents (relating to such Amended Charter) to which it is a party); and (iii) the security interests created under the Operative Documents (relating to the relevant Charter) to which it is a party continues in full force and effect on the terms of such Operative Document (s); and (iv) this security confirmation neither creates nor purports to create a registrable security interest.