Common use of Protection of Pledged Collateral Clause in Contracts

Protection of Pledged Collateral. The Pledgor shall pay all taxes, charges and assessments against the Pledged Collateral and do all acts necessary and appropriate to preserve and maintain the value thereof. Without limiting the generality of the foregoing, the Pledgor shall not grant a security interest in the Pledged Collateral to any other person or entity without the prior written consent of the Pledgee thereto. Upon the failure of the Pledgor to comply with any of the foregoing, the Pledgee may make such payments and take such actions on account thereof as it, in its discretion, deems desirable. The Pledgor shall reimburse the Pledgee immediately on demand for each and all such payments and any costs so incurred.

Protection of Pledged Collateral. The Pledgor shall pay all taxes, -------------------------------- charges and assessments against the Pledged Collateral and do all acts necessary and appropriate to preserve and maintain the value thereof. Without limiting the generality of the foregoing, the Pledgor shall not grant a security interest in the Pledged Collateral to any other person or entity without the prior written consent of the Pledgee thereto. Upon the failure of the Pledgor to comply with any of the foregoing, the Pledgee may make such payments and take such actions on account thereof as it, in its discretion, deems desirable. The Pledgor shall reimburse the Pledgee immediately on demand for each and all such payments and any costs so incurred.