Common use of Release and Care of Collateral; Status of Liens Clause in Contracts

Release and Care of Collateral; Status of Liens. Any release, surrender, exchange, deterioration, waste, loss or impairment of any real or personal property transferred or assigned by any party as collateral securing payment of any Secured Obligation (“Collateral”), whether negligent or willful; the failure of Secured Party or any other party to exercise reasonable care in the preservation, protection, sale or other treatment of any of the Collateral; the failure of Secured Party to create or properly perfect any mortgage, pledge, transfer or assignment of any Collateral intended to be given by or for the benefit of the Grantor in connection with any Secured Obligation (“Lien”); the unenforceability of any Lien; the subordination of any Lien to any other lien or encumbrance; or the taking or accepting by Secured Party of any other security for, or assurance of payment of, any Secured Obligation.