Common use of Duties of Grantor Clause in Contracts

Duties of Grantor. Grantor shall have the duty to the extent desirable in the conduct of Grantor’s business and consistent with Grantor’s current business practices or Grantor’s reasonable business judgment: (i) to prosecute diligently any trademark applications or registrations or service ▇▇▇▇ applications or registrations 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 Grantor deems appropriate; (iii) to take reasonable steps to preserve and maintain all of Grantor’s rights in the trademark and service ▇▇▇▇ applications and trademark and service ▇▇▇▇ registrations that are part of the Trademarks; (iv) to take appropriate actions and to file certain documents to prevent or to cure the abandonment, lapse, or cancellation of any application or registration of the Trademarks, or to prevent or to cure liability to any claim of abandonment for non-use or otherwise of the Trademarks, except as agreed to by the parties; and (v) obtain any consents, waivers or agreements necessary to enable Grantee to exercise its remedies with respect to any and all Trademark Collateral. Any expenses incurred in connection with the foregoing shall be borne by Grantor. Grantor shall not abandon any trademark or service ▇▇▇▇ which is the subject of a registration or application therefor and which is or shall be, in the Grantor’s reasonable business judgment necessary or economically desirable to the operation of Grantor’s business. Grantor agrees to retain an experienced trademark attorney for the filing and prosecution of all such applications and other proceedings. Grantee shall have no duty with respect to the Trademarks and Licenses. Without limiting the generality of the foregoing, Grantee shall not be under any obligation to take any steps necessary to preserve rights in the Trademarks or Licenses against any other parties, but may do so at its option during the continuance of a Default, and all expenses incurred in connection therewith shall be for the sole account of Grantor and added to the Indebtedness secured thereby.

Duties of Grantor. Grantor shall have the duty to the extent desirable in the conduct of Grantor’s business and consistent with Grantor’s current business practices or Grantor’s reasonable business judgment: (i) to prosecute diligently any trademark applications or registrations or service ▇▇▇▇ applications or registrations 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 Grantor deems appropriate; (iii) to take reasonable steps to preserve and maintain all of Grantor’s rights in the trademark and service ▇▇▇▇ applications and trademark and service ▇▇▇▇ registrations that are part of the Trademarks; Trademarks (iv) to take appropriate actions and to file certain documents to prevent or to cure the abandonment, lapse, or cancellation of any application or registration of the Trademarks, or to prevent or to cure liability to any claim of abandonment for non-use or otherwise of the Trademarks, except as agreed to by the parties; and (v) to obtain any consents, waivers or agreements necessary to enable Grantee to exercise its remedies with respect to any and all Trademark Collateral. Any expenses incurred in connection with the foregoing shall be borne by Grantor. Grantor shall not abandon any trademark or service ▇▇▇▇ which is the subject of a registration or application therefor and which is or shall be, be in the Grantor’s reasonable business judgment necessary or economically desirable to the operation of Grantor’s business. Grantor agrees to retain an experienced trademark attorney for the filing and prosecution of all such applications and other proceedings. Grantee shall have no duty with respect to the Trademarks and Licenses. Without limiting the generality of the foregoing, Grantee shall not be under any obligation to take any steps necessary to preserve rights in the Trademarks or Licenses against any other parties, but may do so at its option during the continuance of a Default, and all expenses incurred in connection therewith shall be for the sole account of Grantor and added to the Indebtedness secured thereby.