Common use of Borrower’s Title; Lenders’ Security Interest; Personal Property Clause in Contracts

Borrower’s Title; Lenders’ Security Interest; Personal Property. Borrower shall warrant and defend its good and marketable title in and to the Vessels, and Lenders’ perfected first priority security interest in the Collateral, against all claims and demands whatsoever. Borrower agrees that the Vessels shall be, and at all times and remain, separately identifiable personal property. Borrower shall, at its sole expense, take such action (including the obtaining and recording of waivers) as may be necessary to prevent any Person from acquiring any right to or interest in the Vessels by virtue of the Vessels being deemed to be real property or a part of real property or a part of other personal property, and if at any time any Person shall claim any such right or interest, Borrower shall, at its expense, cause such claim to be waived in writing or otherwise eliminated by bonding or substitution of security to Lenders’ satisfaction within thirty (30) days after such claim shall have first become known to Borrower.

Borrower’s Title; Lenders’ Security Interest; Personal Property. Borrower shall warrant and defend its good and marketable title in and to the Vessels, and Lenders’ Lender’s perfected first priority security interest in the CollateralCollateral related to the Vessels, against all claims and demands whatsoever. Borrower agrees that the Vessels shall be, and at all times and remain, separately identifiable personal property. Borrower shall, at its sole expense, take such action (including the obtaining and recording of waivers) as may be necessary to prevent any Person from acquiring any right to or interest in the Vessels by virtue of the Vessels being deemed to be real property or a part of real property or a part of other personal property, and if at any time any Person shall claim any such right or interest, Borrower shall, at its expense, cause such claim to be waived in writing or otherwise eliminated by bonding or substitution of security to Lenders’ Lender’s satisfaction within thirty (30) days after such claim shall have first become known to Borrower.

Borrower’s Title; Lenders’ Security Interest; Personal Property. Borrower shall warrant and defend its good and marketable title in and to the Vessels, and Lenders’ ' perfected first priority security interest in the Collateral, against all claims and demands whatsoever. Borrower agrees that the Vessels shall be, and at all times and remain, separately identifiable personal property. Borrower shall, at its sole expense, take such action (including the obtaining and recording of waivers) as may be necessary to prevent any Person from acquiring any right to or interest in the Vessels by virtue of the Vessels being deemed to be real property or a part of real property or a part of other personal property, and if at any time any Person shall claim any such right or interest, Borrower shall, at its expense, cause such claim to be waived in writing or otherwise eliminated by bonding or substitution of security to Lenders’ ' satisfaction within thirty (30) days after such claim shall have first become known to Borrower.. 48 [Participation and Loan and Security Agreement]