Common use of Duties of Borrower Clause in Contracts

Duties of Borrower. Borrower shall have the duty, to the extent desirable in the normal conduct of Borrower’s business and consistent with Borrower’s current business practices (i) to prosecute diligently any trademark applications or service xxxx applications that are part of the Trademarks pending as of the date hereof or thereafter until the termination of this Agreement, (ii) to make applications for trademarks and service marks as Borrower deems appropriate, and (iii) to take reasonable steps to preserve and maintain all of Borrower’s rights in the trademark applications, service xxxx applications and trademark and service xxxx registrations that are part of the Trademarks. Any expenses incurred in connection with the foregoing shall be borne by Borrower. Borrower shall not abandon any material trademark or service xxxx which is the subject of a registered trademark, service xxxx or application therefor and which is or, to Borrower’s knowledge, shall be necessary or economically desirable in the operation of the Borrower’s business. Borrower agrees to retain an experienced trademark attorney reasonably acceptable to Lender (Xxxxxxxxxx & Xxxxx, P.A. being acceptable to Lender) for the filing and prosecution of all such applications and other proceedings. Lender shall not have any duty with respect to the Trademarks. Without limiting the generality of the foregoing, Lender shall not be under any obligation to take any steps necessary to preserve rights in the Trademarks and Licenses against any other parties, but may do so at its option during the continuance of an Event of Default, and all reasonable expenses incurred in connection therewith shall be for the sole account of Borrower and added to the Obligations secured hereby.

Duties of Borrower. Borrower shall have the duty, duty to the extent desirable in the normal conduct of Borrower’s business and consistent with Borrower’s current business practices practices: (i) to prosecute diligently any trademark applications or service xxxx applications patent application that are is part of the Trademarks Patents pending as of the date hereof or thereafter until the termination of this Agreement, (ii) to make applications for trademarks and service marks application on such unpatented but patentable inventions as Borrower deems appropriate, and (iii) to take reasonable steps to preserve and maintain all of Borrower’s rights in the trademark applications, service xxxx patent applications and trademark and service xxxx registrations patents that are part of the TrademarksPatents. Any expenses incurred in connection with the foregoing shall be borne by Borrower. Borrower shall not abandon any material trademark right to file a patent application or service xxxx which is the subject of a registered trademark, service xxxx any pending patent application or application therefor and patent which is or, to Borrower’s knowledge, shall be necessary or economically desirable in the operation of the Borrower’s business. Borrower agrees to retain an experienced trademark patent attorney reasonably acceptable to Lender (Xxxxxxxxxx & Xxxxx, P.A. being acceptable to Lender) for the filing and prosecution of all such applications and other proceedings. Lender shall not have any duty with respect to the TrademarksPatents and Licenses. Without limiting the generality of the foregoing, Lender shall not be under any obligation to take any steps necessary to preserve rights in the Trademarks and Patents or Licenses against any other parties, but may do so at its option during the continuance of an Event of Default, and all reasonable expenses incurred in connection therewith shall be for the sole account of Borrower and added to the Obligations secured hereby.

Duties of Borrower. During the existence and continuation of an Event ------------------ of Default Borrower agrees: (a) Borrower shall have the duty, to the extent desirable in the normal conduct of Borrower’s business and consistent with Borrower’s current business practices duty (i) to prosecute diligently any trademark applications or service xxxx applications application that are is part of the Trademarks pending as of the date hereof or thereafter until all Borrower Obligations shall have been paid in full and the termination of this AgreementCredit Agreement shall have been terminated, (ii) to make applications for trademarks and service marks application on Trademarks as Borrower deems appropriate, appropriate and (iii) to take reasonable steps to preserve and maintain all of Borrower’s rights in the trademark applications, service xxxx applications trademarks, trade names, interests under trademark license agreements and trademark and service xxxx registrations that are part of the Trademarks. Any , the fair market value of the Collateral, in each case to the extent such items are still used or useful in the business of Borrower, or the benefits of this Security Agreement granted to Administrative Agent including, without limitation, the priority or perfection of the security interest granted herein or the remedies of Administrative Agent hereunder; (b) any expenses incurred in connection with the foregoing such applications shall be borne by Borrower. Borrower shall not abandon any material trademark or service xxxx which is the subject of a registered trademark, service xxxx or application therefor and which is or, to Borrower’s knowledge, shall be necessary or economically desirable in the operation of the Borrower’s business. ; (c) Borrower agrees to retain an experienced trademark attorney reasonably acceptable to Lender (Xxxxxxxxxx & Xxxxx, P.A. being acceptable to Lender) approved by Administrative Agent for the filing and prosecution of all such applications and other proceedings. Lender proceedings at the time of such filing of prosecution; and (d) Borrower shall not have abandon any duty right to file a trademark application or any pending trademark application without the consent of Administrative Agent. If Borrower fails to comply with respect any of the foregoing duties, Administrative Agent may do so in Borrower's name to the Trademarks. Without limiting extent permitted by law, but at Borrower's expense, and Borrower hereby agrees to reimburse Administrative Agent in full for all expenses, including the generality reasonable fees and disbursements of counsel incurred by Administrative Agent in protecting, defending and maintaining the Collateral, which counsel may be the employee of the foregoingAdministrative Agent. In the event that Borrower shall fail to pay when due any fees required to be paid by it hereunder, Lender or shall fail to discharge any lien or security interest prohibited hereby, or shall fail to comply with any other duty hereunder, Administrative Agent may, but shall not be under any obligation to take any steps necessary to preserve rights in required to, pay, satisfy, discharge or bond the Trademarks and Licenses against any other parties, but may do so at its option during same for the continuance account of an Event of DefaultBorrower, and all reasonable expenses incurred in connection therewith moneys so paid out shall be Borrower Obligations repayable on demand, together with interest at the rate of interest applicable to Loans under the Credit Agreement. Borrower further agrees that for so long as no Event of Default exists Borrower will at all times maintain, preserve and protect the sole account of Borrower and added Collateral to the Obligations secured herebyextent consistent with prudent and reasonable business practices.

Duties of Borrower. Borrower shall have the duty, to the extent desirable in the normal conduct of Borrower’s business and consistent with Borrower’s current business practices duty (i) to file and prosecute diligently any trademark applications or service xxxx applications mark xxxlication that are is part of the Trademarks pending as of the date hereof or thereafter until the termination of this Agreementthereafter, (ii) to make applications for trademarks and service marks application on Trademarks, as Borrower deems appropriate, and (iii) to take reasonable steps to preserve and maintain all of Borrower’s rights in the trademark applications, service xxxx applications and trademark and service xxxx registrations that are part of the Trademarks. Any expenses incurred in connection with the foregoing this PARAGRAPH 8 shall be borne by Borrower. Borrower shall not abandon any right to file a trademark application or any pending trademark application without the consent of Lender, if such abandonment could have a material trademark adverse effect on Borrower's business, operations or service xxxx which is the subject of a registered trademark, service xxxx or application therefor and which is or, financial condition. If Borrower fails to Borrower’s knowledge, shall be necessary or economically desirable in the operation comply with any of the foregoing duties, Lender may do so in Borrower’s business. 's name to the extent permitted by law, but at Borrower's expense, and Borrower hereby agrees to retain an experienced trademark attorney reasonably acceptable reimburse Lender in full for all expenses, including the reasonable fees and disbursements of counsel incurred by Lender in protecting, defending and maintaining the Collateral. In the event that Borrower shall fail to Lender (Xxxxxxxxxx & Xxxxxpay when due any fees required to be paid by it hereunder, P.A. being acceptable or shall fail to Lender) for the filing and prosecution of all such applications and discharge any lien or security interest prohibited hereby, or shall fail to comply with any other proceedings. Lender shall not have any duty with respect to the Trademarks. Without limiting the generality of the foregoinghereunder, Lender may, but shall not be under any obligation to take any steps necessary to preserve rights in required to, pay, satisfy, discharge or bond the Trademarks and Licenses against any other parties, but may do so at its option during same for the continuance account of an Event of DefaultBorrower, and all reasonable expenses incurred in connection therewith moneys so paid out shall be for the sole account Liabilities of Borrower repayable on demand, together with interest at the rate of interest applicable to Revolving Loans under the Loan and added to the Obligations secured herebySecurity Agreement.