Common use of Further Security Clause in Contracts

Further Security. (a) Each Borrower shall if it enters into any any contract of employment (including, inter alia, step-in rights) in respect of the Vessel owned by it for a period exceeding 18 months (including any options, extensions and/or renewals), within 30 days after the entering into of such contract enter into an Assignment Agreement with the Agent in respect of its rights under such contract, and do all such acts and execute all such documents in favour of the Agent and provide such documentation to the Agent as the Agent may reasonably require to perfect the security created or intended to be created thereunder and evidence that the Assignment Agreement has been validly executed by the relevant Borrower. (b) Each Borrower shall if it enters into any Hedging Agreement, within 30 days after the entering into of such Hedging Agreement enter into a Hedging Agreement Assignment Agreement with the Agent in respect of its claims relating to any such Hedging Agreement, and do all such acts and execute all such documents in favour of the Agent and provide such documentation to the Agent as the Agent may reasonably require to perfect the security created or intended to be created thereunder and evidence that the Hedging Agreement Assignment Agreement has been validly executed by the relevant Borrower.