Common use of Protection of Collateral; Reimbursement Clause in Contracts

Protection of Collateral; Reimbursement. All reasonable expenses of protecting, storing, warehousing, insuring, handling, maintaining, and shipping any Collateral, any and all excise, property, sales, use, or other taxes imposed by any federal, state, or local authority on any of the Collateral, or in respect of the sale thereof, or otherwise in respect of the Borrowers’ business operations shall be borne and paid by the Borrowers. If any Borrower fails to pay any portion thereof promptly when due, the Lender, at its option, may, but shall not be required to, pay the same. All sums so paid or incurred by the Lender for any of the foregoing shall be repayable on demand. Beyond reasonable care in the custody thereof, the Lender shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Lender shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property. Unless otherwise provided by Law, the Lender shall not be liable or responsible in any way for the safekeeping of any of the Collateral or for any loss or damage thereto or for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency, or other Person whomsoever.

Protection of Collateral; Reimbursement. All reasonable insurance expenses and all expenses of protecting, storing, warehousing, insuring, handling, maintaining, and shipping any Collateral, any and all excise, property, sales, use, use or other taxes imposed by any federal, state, federal or local authority on any of the Collateral, or in respect of the sale thereof, or otherwise in respect of the Borrowers’ ' business operations which, if unpaid, could result in the imposition of any Lien upon the Collateral, shall be borne and paid by the Borrowers. If any Borrower fails Borrowers fail to promptly pay any portion thereof promptly when due, except as may otherwise be permitted hereunder or under any of the Lenderother Credit Documents, Bank may, at its option, may, but shall not be required to, pay the same. All sums so paid or incurred by the Lender Bank for any of the foregoing and any and all other sums for which Borrowers may become liable hereunder and all costs and expenses (including reasonable attorneys' fees, legal expenses, and court costs) which Bank may incur in enforcing or protecting its Lien on or rights and interest in the Collateral or any of its rights or remedies under this or any other agreement between the parties hereto or in respect of any of the transactions to be had hereunder shall be repayable on demand. Beyond reasonable care in demand and, until paid by Borrowers to Bank with interest thereon at the custody thereofContract Rate, the Lender shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Lender shall be deemed to have exercised reasonable care in additional Obligations hereunder secured by the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own propertyCollateral. Unless otherwise provided by Law, the Lender Bank shall not be liable or responsible in any way for the safekeeping of any of the Collateral or for any loss or damage thereto or for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency, or other Person whomsoever.

Protection of Collateral; Reimbursement. All reasonable insurance expenses and --------------------------------------- all expenses of protecting, storing, warehousing, insuring, handling, maintaining, and shipping any Collateral, any and all excise, property, sales, use, use or other taxes imposed by any federal, state, federal or local authority on any of the Collateral, or in respect of the sale thereof, or otherwise in respect of the Borrowers’ ' business operations which, if unpaid, could result in the imposition of any Lien upon the Collateral, shall be borne and paid by the Borrowers. If any Borrower fails Borrowers fail to promptly pay any portion thereof promptly when due, except as may otherwise be permitted hereunder or under any of the Lenderother Credit Documents, Bank may, at its option, may, but shall not be required to, pay the same. All sums so paid or incurred by the Lender Bank for any of the foregoing and any and all other sums for which Borrowers may become liable hereunder and all costs and expenses (including reasonable attorneys' fees, legal expenses, and court costs) which Bank may incur in enforcing or protecting its Lien on or rights and interest in the Collateral or any of its rights or remedies under this or any other agreement between the parties hereto or in respect of any of the transactions to be had hereunder shall be repayable on demand. Beyond reasonable care in within ten (10) days after demand and, until paid by Borrowers to Bank with interest thereon at the custody thereofContract Rate, the Lender shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Lender shall be deemed to have exercised reasonable care in additional Obligations hereunder secured by the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own propertyCollateral. Unless otherwise provided by Law, the Lender Bank shall not be liable or responsible in any way for the safekeeping of any of the Collateral or for any loss or damage thereto or for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency, or other Person whomsoever.