Collateral Duties. The Secured Party shall have no custodial or ministerial duties to perform with respect to the Collateral pledged except as set forth herein; and by way of explanation and not by way of limitation, the Secured Party shall incur no liability for any of the following: (i) loss or depreciation of the Collateral (unless caused by its willful misconduct), (ii) its failure to present any paper for payment or protest, to protest or give notice of nonpayment, or any other notice with respect to any paper or Collateral, or (iii) its failure to present or surrender for redemption, conversion or exchange any bond, stock, paper or other security whether in connection with any merger, consolidation, recapitalization, or reorganization, arising out of the refunding of the original security, or for any other reason, or its failure to notify any party hereto that the Collateral should be so presented or surrendered.
Appears in 4 contracts
Samples: Security Agreement (Brightstar Corp.), Limited Security Agreement (Brightstar Corp.), Security Agreement (Brightstar Corp.)
