Common use of Perfection of Security Clause in Contracts

Perfection of Security. The Borrower must (at its own cost) take any action and enter into and deliver any document which is required by the Lender so that a Security Document provides for effective and perfected security in favor of any successor of the Lender, including (but not limited to), promptly after the date hereof: (a) registration of particulars of each Security Document with the Registrar of Corporate Affairs in the British Virgin Islands and payment of associated fees; and (b) filing of a UCC financing statement with the Washington DC Recorder of Deeds (and any amendments or continuation financing statements in relation thereto) in respect of the Share Pledge and payment of associated fees.