Liability of Secured Party. The Secured Party will not be liable or responsible for any failure to seize, collect, realize, or obtain payment with respect to the Collateral and is not bound to institute proceedings or to take other steps for the purpose of seizing, collecting, realizing or obtaining possession or payment with respect to the Collateral or for the purpose of preserving any rights of the Secured Party, the Debtor or any other person in respect of the Collateral. In the exercise of its rights and the performance of its obligations, the Secured Party will only be liable for gross negligence or wilful misconduct.
Appears in 5 contracts
Samples: Loan Facility Agreement and Guaranty (Aaron's Company, Inc.), Loan Facility Agreement and Guaranty (Aaron's Company, Inc.), Loan Facility Agreement (Aaron's Inc)
Liability of Secured Party. (a) The Secured Party will shall not be responsible or liable or responsible for any failure debts contracted by it, for damages to seize, collect, realize, persons or obtain payment with respect to the Collateral and is not bound to institute proceedings or to take other steps for the purpose of seizing, collecting, realizing or obtaining possession or payment with respect to the Collateral property or for the purpose salaries or non-fulfilment of preserving contracts during any rights of the Secured Party, the Debtor or any other person in respect of the Collateral. In the exercise of its rights and the performance of its obligations, period when the Secured Party will only be liable for gross negligence or wilful misconduct.shall manage the Collateral upon entry, as herein provided,
Appears in 1 contract
Samples: Agreement (Banyan Corp /Or/)
