Common use of Protection of Collateral Agent’s Security Clause in Contracts

Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain and protect the Intellectual Property Collateral owned or used by such Pledgor, (ii) not permit to lapse or become abandoned any Intellectual Property Collateral owned or used by such Pledgor, and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent (acting at the direction the Required Holders or the Trustee acting at the direction of the Required Holders) to Issuer, (x) not enter into any settlement, covenant not to sue, or other agreement, in each case that would materially impair the validity or enforceability of any Intellectual Property Collateral owned or used by such Pledgor, or materially impair such Pledgor’s ownership of any Intellectual Property Collateral owned or used by such Pledgor and (y) not permit to lapse or become abandoned any Intellectual Property Collateral owned or used by such Pledgor; provided, that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any of its Intellectual Property, to the extent Issuer determines in good faith that such Intellectual Property is not Material IP Collateral. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such request (other than pursuant to any direction given by the Trustee (acting at the direction of the Required Holders) or the Required Holders)).

Appears in 2 contracts

Samples: Security Agreement (Biora Therapeutics, Inc.), Form of Security Agreement (Biora Therapeutics, Inc.)

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Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain and protect the Intellectual Property Material IP Collateral owned or used by such Pledgor, (ii) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor, and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent (acting at the direction the Required Holders or the Trustee acting at the direction of the Required Holders) to Issuer, (x) not enter into any settlement, covenant not to suexxx, or other agreement, in each case that would materially impair the validity or enforceability of any Intellectual Property Material IP Collateral owned or used by such Pledgor, or materially impair such Pledgor’s ownership of any Intellectual Property Material IP Collateral owned or used by such Pledgor and (y) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor; provided, that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any of its Intellectual Property, to the extent Issuer determines in good faith that such Intellectual Property is not Material IP Collateralmaterial to the business of Issuer and its Restricted Subsidiaries, taken as a whole. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such request (other than pursuant to any direction given by the Trustee (acting at the direction of the Required Holders) or the Required HoldersControlling Party in accordance with the Indenture)).

Appears in 2 contracts

Samples: Security Agreement (Orexigen Therapeutics, Inc.), Security Agreement (Orexigen Therapeutics, Inc.)

Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain and protect the Intellectual Property Material IP Collateral owned or used by such Pledgor, (ii) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor, and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent (acting at the direction the Required Holders or the Trustee acting at the direction of the Required Holders) to Issuer, (x) not enter into any settlement, covenant not to suesxx, or other agreement, in each case that would materially impair the validity or enforceability of any Intellectual Property Material IP Collateral owned or used by such Pledgor, or materially impair such Pledgor’s ownership of any Intellectual Property Material IP Collateral owned or used by such Pledgor and (y) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor; provided, that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any of its Intellectual Property, to the extent Issuer determines in good faith that such Intellectual Property is not Material IP Collateralmaterial to the business of Issuer and its Subsidiaries, taken as a whole. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such request (other than pursuant to any direction given by the Trustee (acting at or the direction Holders of a majority of the Required Holders) or aggregate principal amount of the Required HoldersNotes in accordance with the Indenture)).

Appears in 2 contracts

Samples: Security Agreement (Intercept Pharmaceuticals, Inc.), Security Agreement (Intercept Pharmaceuticals, Inc.)

Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain and protect the Intellectual Property Material IP Collateral owned or used by such Pledgor, (ii) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor, and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent (acting at the direction the Required Holders or the Trustee acting at the direction of the Required Holders) to Issuer, (x) not enter into any settlement, covenant not to suexxx, or other agreement, in each case that would materially impair the validity or enforceability of any Intellectual Property Material IP Collateral owned or used by such Pledgor, or materially impair such Pledgor’s ownership of any Intellectual Property Material IP Collateral owned or used by such Pledgor and (y) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor; provided, that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any of its Intellectual Property, to the extent Issuer determines in good faith that such Intellectual Property is not Material IP Collateralmaterial to the business of Issuer and its Subsidiaries, taken as a whole. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such request (other than pursuant to any direction given by the Trustee (acting at or the direction Holders of a majority of the Required Holders) or aggregate principal amount of the Required HoldersNotes in accordance with the Indenture)).

Appears in 2 contracts

Samples: Security Agreement (Intercept Pharmaceuticals, Inc.), Security Agreement (Intercept Pharmaceuticals, Inc.)

Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain and protect the Intellectual Property Material IP Collateral owned or used by such PledgorPledgor except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (ii) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor, except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent (acting at the direction the Required Holders or the Trustee acting at the direction of the Required Holders) to IssuerBorrower, (x) not enter into any settlement, covenant not to suexxx, or other agreement, in each case that would materially impair the validity or enforceability of any Intellectual Property Material IP Collateral owned or used by such Pledgor, or materially impair such Pledgor’s ownership of any Intellectual Property Material IP Collateral owned or used by such Pledgor and (y) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor; provided, provided that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any of its Intellectual Property, to the extent Issuer Borrower determines in good faith that such Intellectual Property is not Material IP Collateralmaterial to the business of Borrower and its Restricted Subsidiaries, taken as a whole. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such request (other than pursuant to any direction given by the Trustee (acting at Administrative Agent or Controlling Party in accordance with the direction of the Required Holders) or the Required HoldersCredit Agreement)).

Appears in 1 contract

Samples: Security Agreement (SolarWinds Corp)

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Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain and protect the Intellectual Property Material IP Collateral owned or used by such Pledgor, (ii) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor, and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent (acting at the direction the Required Holders or the Trustee acting at the direction of the Required Holders) to Issuer, (x) not enter into any settlement, covenant not to sue, or other agreement, in each case that would materially impair the validity or enforceability of any Intellectual Property Material IP Collateral owned or used by such Pledgor, or materially impair such Pledgor’s ownership of any Intellectual Property Material IP Collateral owned or used by such Pledgor and (y) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor; provided, that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any of its Intellectual Property, to the extent Issuer determines in good faith that such Intellectual Property is not Material IP Collateralmaterial to the business of Issuer and its Subsidiaries, taken as a whole. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such request (other than pursuant to any direction given by the Trustee (acting at or the direction Holders of a majority of the Required Holders) or aggregate principal amount of the Required HoldersNotes in accordance with the Indenture)).

Appears in 1 contract

Samples: Security Agreement (Accelerate Diagnostics, Inc)

Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain and protect the Intellectual Property Material IP Collateral owned or used by such PledgorPledgor except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (ii) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor, except as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent (acting at the direction the Required Holders or the Trustee acting at the direction of the Required Holders) to IssuerBorrower, (x) not enter into any settlement, covenant not to suexxx, or other agreement, in each case that would materially impair the validity or enforceability of any Intellectual Property Material IP Collateral owned or used by such Pledgor, or materially impair such Pledgor’s ownership of any Intellectual Property Material IP Collateral owned or used by such Pledgor and (y) not permit to lapse or become abandoned any Intellectual Property Material IP Collateral owned or used by such Pledgor; provided, provided that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any of its Intellectual Property, to the extent Issuer Borrower determines in good faith that such Intellectual Property is not Material IP Collateralmaterial to the business of Borrower and its Restricted Subsidiaries, taken as a whole. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such request (other than pursuant to any direction given by the Trustee (acting at the direction of the Required Holders) or the Required Holders))detail.

Appears in 1 contract

Samples: First Lien Credit Agreement (SolarWinds Corp)

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