Common use of Collateral Custodian Clause in Contracts

Collateral Custodian. Upon the occurrence and during the continuance of any Default or Event of Default, the Agent may at any time and from time to time employ and maintain on the premises of any Obligor a custodian selected by the Agent who shall have full authority to do all acts necessary to protect the Agent’s and the Holders’ interests. Each Obligor hereby agrees to, and to cause its Subsidiaries to, cooperate with any such custodian and to do whatever the Agent may reasonably request to preserve the Collateral. All costs and expenses incurred by the Agent by reason of the employment of the custodian shall be the responsibility of the Issuer and added to the Obligations.

Collateral Custodian. Upon the occurrence and during the continuance of any Default or Event of Default, the Collateral Agent may at any time and from time to time employ and maintain on the premises of any Obligor the Issuer a custodian selected by the Required Holders and acceptable to the Collateral Agent who shall have full authority to do all acts necessary to protect the Agent’s Agents’ and the Holders’ interests. Each Obligor The Issuer hereby agrees to, and to cause its Subsidiaries to, cooperate with any such custodian and to do whatever the Collateral Agent may reasonably request to preserve the Collateral. All costs and expenses incurred by the Collateral Agent by reason of the employment of the custodian shall be the responsibility of the Issuer and added to the Obligationsshall be payable on demand.