Common use of Further Shares Clause in Contracts

Further Shares. Upon its becoming the beneficial or registered owner of any Charged Shares (other than the Initially Charged Shares) DesalCo shall ensure that such Charged Shares (unless already so registered) are registered in the name of the DesalCo and shall promptly notify the Secured Party of such circumstances and deposit with the Secured Party any share certificates and other documents of title representing such Charged Shares together with blank stock transfer forms in respect of such Charged Shares duly executed by or on behalf of DesalCo. The Borrower shall pay when due all calls or other requests for payments due in respect of any of the Secured Property, but if the Borrower fails to make any such payment the Secured Party may (but shall not be obliged to) make such payment on behalf of the Borrower and if the Secured Party does so the Borrower shall promptly on demand of the Secured Party pay to the Secured Party an amount equal to such payment.

Further Shares. Upon its becoming the beneficial or registered owner of any Charged Shares (other than the Initially Charged Shares) DesalCo the Borrower shall ensure that such Charged Shares (unless already so registered) are registered in the name of the DesalCo Borrower and shall promptly notify the Secured Party of such circumstances and deposit with the Secured Party any share certificates and other documents of title representing such Charged Shares together with blank stock transfer forms in respect of such Charged Shares duly executed by or on behalf of DesalCothe Borrower. The Borrower shall pay when due all calls or other requests for payments due in respect of any of the Secured Property, but if the Borrower fails to make any such payment the Secured Party may (but shall not be obliged to) make such payment on behalf of the Borrower and if the Secured Party does so the Borrower shall promptly on demand of the Secured Party pay to the Secured Party an amount equal to such payment.