Common use of Limitation on Duty in Respect of Collateral Clause in Contracts

Limitation on Duty in Respect of Collateral. Neither the Agents nor any Lender shall have any duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of it or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto, except that each Agent shall, with respect to the Collateral in its possession or under its control, deal with such Collateral in the same manner as such Agent deals with similar property for its own account. Upon request of the Borrower, each Agent shall account for any moneys received by it in respect of any foreclosure on or disposition of the Collateral of any Credit Party.

Limitation on Duty in Respect of Collateral. Neither the Agents nor any Lender shall have any duty or liability as to any Collateral in its possession or control or in the possession or control of any agent or nominee of it or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto, except that each Agent shallfor its or their gross negligence or willful misconduct, with respect to the Collateral in its or their possession or under its or their control, deal with such Collateral in the same manner as such Agent deals with similar property for its own account. Upon request of the BorrowerBorrowers, each Agent shall account for any moneys received by it in respect of any foreclosure on or disposition of the Collateral of any Credit Party.

Limitation on Duty in Respect of Collateral. Neither the Agents nor any Lender shall have any duty or liability as to any Collateral in its possession or control or in the possession or control of any agent or nominee of it or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto, except that each Agent shallfor its or their gross negligence or wilful misconduct, with respect to the Collateral in its or their possession or under its or their control, deal with such Collateral in the same manner as such Agent deals with similar property for its own account. Upon request of the BorrowerBorrowers, each Agent shall account for any moneys received by it in respect of any foreclosure on or disposition of the Collateral of any Credit Party.