Common use of Use and Operation of Collateral Clause in Contracts

Use and Operation of Collateral. Should any Collateral come into the possession of Lender, Lender may use or operate such Collateral for the purpose of preserving it or its value, pursuant to the order of a court of appropriate jurisdiction or in accordance with any other rights held by Lender in respect of such Collateral. Each Grantor covenants to promptly reimburse and pay to Lender, at Lender’s request, the amount of all expenses (including the cost of any insurance and payment of taxes or other charges) incurred by Lender in connection with its custody and preservation of the Collateral, and all such expenses, costs, taxes, and other charges shall bear interest at the default interest rate until repaid and, together with such interest, shall be payable by Grantors to Lender upon demand and shall become part of the Secured Obligations. However, the risk of accidental loss or damage to, or diminution in value of, the Collateral is on Grantors, and Lender shall have no liability whatever for failure to obtain or maintain insurance, nor to determine whether any insurance ever in force is adequate as to amount or as to the risks insured. With respect to the Collateral that is in the possession of Lender, Lender shall have no duty to fix or preserve rights against prior parties to such Collateral and shall never be liable for any failure to use diligence to collect any amount payable in respect of such Collateral, but shall be liable only to account to Grantors for what it may actually collect or receive thereon. The provisions of this subparagraph are applicable whether or not an Event of Default has occurred.

Use and Operation of Collateral. Should any Collateral come into the possession of Lender, Lender may use or operate such Collateral for the purpose of preserving it or its value, pursuant to the order of a court of appropriate jurisdiction or in accordance with any other rights held by Lender in respect of such Collateral. Each Grantor Borrower covenants to promptly reimburse and pay to Lender, at LenderXxxxxx’s request, the amount of all expenses (including the cost of any insurance and payment of taxes or other charges) incurred by Lender Xxxxxx in connection with its custody and preservation of the Collateral, and all such expenses, costs, taxes, and other charges shall bear interest at the default interest rate until repaid and, together with such interest, which shall be payable by Grantors Borrower to Lender upon demand and shall become part of the Secured ObligationsIndebtedness. However, the risk of accidental loss or damage to, or diminution in value of, the Collateral is on Grantorseach Borrower, and Lender shall have no liability whatever for failure to obtain or maintain insurance, nor to determine whether any insurance ever in force is adequate as to amount or as to the risks insured. With respect to the Collateral that is in the possession of Lender, Lender shall have no duty to fix or preserve rights against prior parties to such Collateral and shall never be liable for any failure to use diligence to collect any amount payable in respect of such Collateral, but shall be liable only to account to Grantors each Borrower for what it may actually collect or receive thereon. The provisions of this subparagraph are applicable whether or not an Event of Default has occurred.

Use and Operation of Collateral. Should any Collateral come into the possession of Lender, Lender may use or operate such Collateral for the purpose of preserving it or its value, pursuant to the order of a court of appropriate jurisdiction or in accordance with any other rights held by Lender in respect of such Collateral. Each Grantor Debtor covenants to promptly reimburse and pay to Lender, at Lender’s request, the amount of all expenses (including the cost of any insurance and payment of taxes or other charges) incurred by Lender in connection with its custody and preservation of the Collateral, and all such expenses, costs, taxes, and other charges shall bear interest at the default interest rate until repaid and, together with such interest, shall be payable by Grantors Debtor to Lender upon demand and shall become part of the Secured ObligationsIndebtedness. However, the risk of accidental loss or damage to, or diminution in value of, the Collateral is on GrantorsDebtor, and Lender shall have no liability whatever for failure to obtain or maintain insurance, nor to determine whether any insurance ever in force is adequate as to amount or as to the risks insured. With respect to the Collateral that is in the possession of Lender, Lender shall have no duty to fix or preserve rights against prior parties to such Collateral and shall never be liable for any failure to use diligence to collect any amount payable in respect of such Collateral, but shall be liable only to account to Grantors Debtor for what it may actually collect or receive thereon. The provisions of this subparagraph are applicable whether or not an Event of Default has occurred.

Use and Operation of Collateral. Should any Collateral come into the possession of Lender, Lender may use or operate such Collateral for the purpose of preserving it or its value, pursuant to the order of a court of appropriate jurisdiction or in accordance with any other rights held by Lender in respect of such Collateral. Each Grantor Debtor covenants to promptly reimburse and pay to Lender, at LenderLxxxxx’s request, the amount of all expenses (including the cost of any insurance and payment of taxes or other charges) incurred by Lender Lxxxxx in connection with its custody and preservation of the Collateral, and all such expenses, costs, taxes, and other charges shall bear interest at the default interest rate until repaid and, together with such interest, shall be payable by Grantors Debtor to Lender upon demand and shall become part of the Secured ObligationsIndebtedness. However, the risk of accidental loss or damage to, or diminution in value of, the Collateral is on GrantorsDebtor, and Lender shall have no liability whatever for failure to obtain or maintain insurance, nor to determine whether any insurance ever in force is adequate as to amount or as to the risks insured. With respect to the Collateral that is in the possession of Lender, Lender shall have no duty to fix or preserve rights against prior parties to such Collateral and shall never be liable for any failure to use diligence to collect any amount payable in respect of such Collateral, but shall be liable only to account to Grantors Debtor for what it may actually collect or receive thereon. The provisions of this subparagraph are applicable whether or not an Event of Default has occurred.

Use and Operation of Collateral. Should any Collateral come into the possession of LenderCollateral Agent, Lender during the existence of an Event of Default Collateral Agent may use or operate such Collateral for the purpose of preserving it or its value, value pursuant to the order of a court of appropriate jurisdiction or in accordance with any other rights held by Lender Collateral Agent in respect of such Collateral. Each Grantor Pledgor covenants to promptly reimburse and pay to LenderCollateral Agent, at Lender’s Collateral Agent's request, the amount of all reasonable expenses (including including, without limitation, the cost of any insurance and payment of taxes Taxes or other charges) incurred by Lender Collateral Agent in connection with its custody and preservation of the Collateral, and all such expenses, costs, taxesTaxes, and other charges shall bear interest at the default interest rate Default Rate until repaid and, together with such interest, shall be payable by Grantors Pledgor to Lender Collateral Agent upon demand and shall become part of the Secured Obligations. However, the risk of accidental loss or damage to, or diminution in value of, the Collateral is on GrantorsPledgor, and Lender Collateral Agent shall have no liability whatever for failure to obtain or maintain insurance, nor to determine whether any insurance ever in force is adequate as to amount or as to the risks insured. With respect to the Collateral that is in the possession of LenderCollateral Agent, Lender Collateral Agent shall have no duty to fix or preserve rights against prior parties to such Collateral and shall never be liable for any failure to use diligence to collect any amount payable in respect of such Collateral, but shall be liable only to account to Grantors Pledgor for what it may actually collect or receive thereon. The provisions of this subparagraph are applicable whether or not an Event of Default has occurred.