Common use of Liability of Secured Party Clause in Contracts

Liability of Secured Party. The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreement, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, nor shall the Secured Party, in the case of Investment Property, Instruments, or Chattel Paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraph.

Appears in 4 contracts

Samples: Loan Agreement (Niocorp Developments LTD), General Security Agreement (Niocorp Developments LTD), General Security Agreement (Placer Del Mar, Ltd.)

AutoNDA by SimpleDocs

Liability of Secured Party. The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreement, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor Guarantor of any obligations or covenants imposed upon the DebtorGuarantor, nor shall the Secured Party, in the case of Investment PropertySecurities, Instruments, or Chattel Paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor Guarantor waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphSection.

Appears in 4 contracts

Samples: General Security Agreement (Liquid Media Group Ltd.), Securities Purchase Agreement (Trident Brands Inc), Purchase Agreement (Trident Brands Inc)

Liability of Secured Party. The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment fulfillment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, Debtor nor shall the Secured Party, in the case of Investment Propertysecurities, Instruments, instruments or Chattel Paperchattel paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 2 contracts

Samples: General Security Agreement (360networks Inc), Loan Agreement (PDG Remediation Inc)

Liability of Secured Party. The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment fulfillment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, Debtor nor shall the Secured Party, in the case of Investment PropertySecurities, Instruments, or Chattel Paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 2 contracts

Samples: Exchange Agreement (Voice Mobility International Inc), Security Agreement (Voice Mobility International Inc)

Liability of Secured Party. 14.1 The Secured Party shall will not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall will the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall will not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, Debtor nor shall will the Secured Party, in the case of Investment Propertysecurities, Instruments, instruments or Chattel Paperchattel paper, be obliged to preserve rights against other persons, nor shall will the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 2 contracts

Samples: License Agreement (Smartire Systems Inc), General Security Agreement (Smartire Systems Inc)

Liability of Secured Party. 14.1 The Secured Party shall will not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment of contracts during any period when the Secured Party shall will manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall will the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall will not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor of any obligations of the Obligations or covenants imposed upon the Debtor, Debtor nor shall will the Secured Party, in the case of Investment Propertysecurities, Instruments, instruments or Chattel Paperchattel paper, be obliged to preserve rights against other persons, nor shall will the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 1 contract

Samples: General Security Agreement (Sinobiomed Inc)

Liability of Secured Party. 14.1 The Secured Party shall will not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment fulfillment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall will the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall will not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, Debtor nor shall will the Secured Party, in the case of Investment Propertysecurities, Instruments, instruments or Chattel Paperchattel paper, be obliged to preserve rights against other persons, nor shall will the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 1 contract

Samples: Loan Agreement (Quantex Capital Corp)

Liability of Secured Party. The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment nonfulfillment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall the Secured Party party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, observer or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, Debtor nor shall the Secured Party, in the case of Investment Propertysecurities, Instruments, instruments or Chattel Paperchattel paper, be obliged to preserve rights against other persons, nor shall the Secured Party party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision provisions of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 1 contract

Samples: General Security Agreement (AquaBounty Technologies, Inc.)

AutoNDA by SimpleDocs

Liability of Secured Party. 14.1 The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment fulfillment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall the Secured Party be liable to account as a mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, Debtor nor shall the Secured Party, in the case of Investment Propertysecurities, Instruments, instruments or Chattel Paperchattel paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 1 contract

Samples: Security Agreement (Image Innovations Holdings Inc)

Liability of Secured Party. The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment fulfillment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreement, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, nor shall the Secured Party, in the case of Investment Property, Instruments, or Chattel Paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor waives any applicable provision of law permitted to be waived by it which that imposes higher or greater obligations upon the Secured Party than as contained in this paragraph.

Appears in 1 contract

Samples: General Security Agreement (Foremost Lithium Resources & Technology Ltd.)

Liability of Secured Party. 14.1 The Secured Party shall will not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreementherein provided, nor shall will the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall will not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, Debtor nor shall will the Secured Party, in the case of Investment Propertysecurities, Instruments, instruments or Chattel Paperchattel paper, be obliged to preserve rights against other persons, nor shall will the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor hereby waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraphaforesaid.

Appears in 1 contract

Samples: General Security Agreement (Tryx Ventures Corp)

Liability of Secured Party. The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfilment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreement, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, observe or perform or to see to the observance or performance by the Debtor Guarantor of any obligations or covenants imposed upon the DebtorGuarantor, nor shall the Secured Party, in the case of Investment PropertySecurities, Instruments, or Chattel Paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor Guarantor waives any applicable provision of law permitted to be waived by it which imposes higher or greater obligations upon the Secured Party than as contained in this paragraph.

Appears in 1 contract

Samples: Eneral Security Agreement (Lithium Exploration Group, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!