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

Protection of Collateral Agent’s Security. Except as otherwise expressly permitted herein, each Assignor will do nothing to impair the rights of the Collateral Agent in the Collateral. Each Assignor will at all times keep its Inventory and Equipment insured in favor of the Collateral Agent, at such Assignor's own expense to the extent and in the manner provided in Section 8.03 of the Credit Agreement. Prior to the exercise of any of the remedies provided for herein, all insurance proceeds shall be applied in the manner and to the extent required by the Credit Agreement, and at any time thereafter, such insurance proceeds shall be applied in accordance with Section 7.4 hereof. Each Assignor assumes all liability and responsibility in connection with the Collateral acquired by it and the liability of such Assignor to pay the Obligations shall in no way be affected or diminished by reason of the fact that such Collateral may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to such Assignor.

Protection of Collateral Agent’s Security. Except as otherwise expressly permitted herein, each Assignor will do nothing to impair the rights of the Collateral Agent in the Collateral. Each Assignor will at all times keep its Inventory and Equipment insured in favor of accordance with the Collateral Agentpreceding sentence, at such Assignor's own expense or if any Assignor shall fail to the extent so endorse and in the manner provided in Section 8.03 of the Credit Agreement. Prior to the exercise of any of the remedies provided for herein, deposit all insurance proceeds shall be applied in the manner and policies or certificates with respect thereto to the extent required by the Credit Agreement, and at any time thereafter, the Collateral Agent shall have the right (but shall be under no obligation) to procure such insurance and such Assignor agrees to promptly reimburse the Collateral Agent for all costs and expenses of procuring such insurance. The Collateral Agent shall, at the time such proceeds shall be applied of such insurance are distributed to the Secured Creditors, apply such proceeds in accordance with Section 7.4 hereofhereof or as otherwise provided in the Credit Agreement. Each Assignor assumes all liability and responsibility in connection with the Collateral acquired by it and the liability of such Assignor to pay the Obligations shall in no way be affected or diminished by reason of the fact that such Collateral may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to such Assignor.