Common use of Duties of Borrower Clause in Contracts

Duties of Borrower. Borrower shall have the duty to (i) prosecute diligently any patent application, or trademark application or service xxxx application that is part of the Trademarks pending as of the date hereof or thereafter until the termination of this Agreement, and (ii) preserve and maintain all of Borrower’s rights in the patents, patent applications, trademark applications, service xxxx applications and trademark and service xxxx registrations that are part of the Patents and Trademarks. Any expenses incurred in connection with the foregoing shall be borne by Borrower. Borrower shall not, without thirty (30) days prior written notice to the Agent, abandon any trademark or service xxxx that is the subject of a registered trademark, service xxxx or application therefor and which, is or shall be necessary or economically desirable in the operation of the Borrower’s business. The Agent shall not have any duty with respect to the Patents, Trademarks and/or Copyrights. Without limiting the generality of the foregoing, the Agent shall not be under any obligation to take any steps necessary to preserve rights in the Patents, Trademarks and/or Copyrights against any other parties, but may do so at its option during the continuance of an Event of Default, and all expenses incurred in connection therewith shall be for the sole account of Borrower and added to the Obligations and liabilities secured hereby, and by the Transaction Documents.

Duties of Borrower. Borrower shall have the duty to (i) prosecute diligently any patent application, or trademark application or service xxxx application that is part of the Trademarks pending as of the date hereof or thereafter until the termination of this Agreement, and (ii) preserve and maintain all of Borrower’s 's rights in the patents, patent applications, trademark applications, service xxxx applications and trademark and service xxxx registrations that are part of the Patents and Trademarks. Any expenses incurred in connection with the foregoing shall be borne by Borrower. Borrower shall not, without thirty (30) days prior written notice to the Agent, abandon any trademark or service xxxx that is the subject of a registered trademark, service xxxx or application therefor and which, is or shall be necessary or economically desirable in the operation of the Borrower’s 's business. The Agent shall not have any duty with respect to the Patents, Trademarks and/or Copyrights. Without limiting the generality of the foregoing, the Agent shall not be under any obligation to take any steps necessary to preserve rights in the Patents, Trademarks and/or Copyrights against any other parties, but may do so at its option during the continuance of an Event of Default, and all expenses incurred in connection therewith shall be for the sole account of Borrower and added to the Obligations and liabilities secured hereby, and by the Transaction Documents.