No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 are solely to protect Secured Party's interests in the Collateral and shall not impose any duty upon any of them to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor for any act or failure to act, except for Secured Party's own gross negligence or willful misconduct.
Appears in 16 contracts
Samples: Security Agreement (Marconi Corp PLC), Security Agreement (Marconi Corp PLC), Security Agreement (Marconi Corp PLC)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 16 contracts
Samples: Security Agreement (STW Resources Holding Corp.), Security Agreement (Sun Vacation Properties Corp), Second Amended and Restated Security Agreement (Cardinal Ethanol LLC)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Company for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 15 contracts
Samples: Guarantor Security Agreement (AERWINS Technologies Inc.), Security Agreement (Blue Star Foods Corp.), Security Agreement (Boxlight Corp)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 11 contracts
Samples: Asset Purchase Agreement (Greenrose Acquisition Corp.), Security Agreement (Biolase Technology Inc), Security Agreement (Wornick CO Right Away Division, L.P.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Company for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 10 contracts
Samples: Amended and Restated Security Agreement (Bio Key International Inc), Form of Security Agreement (Summit Wireless Technologies, Inc.), Security Agreement (PaxMedica, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 7 contracts
Samples: Senior Subordinated (Pw Eagle Inc), Trademark Security Agreement (Smith & Wesson Holding Corp), Copyright Security Agreement (Smith & Wesson Holding Corp)
No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor Debtor for any act or failure to act, except for Secured Party's ’s own gross negligence or willful misconduct.
Appears in 7 contracts
Samples: Security Agreement (Utah Medical Products Inc), Security Agreement (Virtusa Corp), Security Agreement (Zagg INC)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor either Group or Operating for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 3 contracts
Samples: Purchase Agreement (Covad Communications Group Inc), Security Agreement (Earthlink Inc), Security Agreement (Covad Communications Group Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Customer for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 3 contracts
Samples: Credit Agreement (Loral Space & Communications Inc.), Customer Credit Agreement (Sirius Satellite Radio Inc), Security Agreement (Sirius Satellite Radio Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Grantor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 3 contracts
Samples: Security Agreement (Espre Solutions Inc), Security Agreement (Refocus Group Inc), Security Agreement (Crown Media Holdings Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for Secured Party's own the gross negligence or willful misconductmisconduct of the Secured Party or any of its officers, directors, or employees.
Appears in 2 contracts
Samples: Security Agreement (Sedona Corp), Security Agreement (Sedona Corp)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for Secured Party's own the gross negligence or willful misconduct.misconduct of the Secured Party or any of its officers, directors, or employees
Appears in 2 contracts
Samples: Security Agreement (Sedona Corp), Security Agreement (Sedona Corp)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor any Grantor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Unit Purchase Agreement (Marizyme Inc), Guarantors Security Agreement (Marizyme Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor for any act or failure to act, except for Secured Party's own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Investment Agreement (Management Network Group Inc), Security Agreement (Management Network Group, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor Debtor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Lumenon Innovative Lightwave Technology Inc), Security Agreement (Lumenon Innovative Lightwave Technology Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor any Debtor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Default Security Agreement (Echo Therapeutics, Inc.), Security Agreement (Echo Therapeutics, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Company for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Settlement Agreement and Mutual Release (Hemosense Inc), Settlement Agreement and Mutual Release (Hemosense Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Company for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Mti Technology Corp), Security Agreement (Proton Energy Systems Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct. 15.
Appears in 2 contracts
Samples: Security Agreement (Cardinal Ethanol LLC), Security Agreement (Cardinal Ethanol LLC)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Company for any act or failure to act, except for the Secured Party's own gross negligence negligence, bad faith or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Seelos Therapeutics, Inc.), Security Agreement (Seelos Therapeutics, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor any Company for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (COMSovereign Holding Corp.), Security Agreement (COMSovereign Holding Corp.)
No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor Borrower for any act or failure to act, except for Secured Party's own gross negligence or willful misconduct. Borrower hereby acknowledges and agrees that by executing this Agreement, with respect to the Collateral, it is releasing Secured Party from liability relating to or caused by Secured Party's own negligence.
Appears in 2 contracts
Samples: Security Agreement (Unified Signal, Inc.), Security Agreement (Unified Signal, Inc.)
No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor Debtor for any act or failure to act, except for Secured Party's ’s own gross negligence negligence, bad faith or willful misconduct.
Appears in 2 contracts
Samples: Asset Sale and Purchase Agreement (PBF Energy Inc.), Asset Sale and Purchase Agreement (PBF Energy Inc.)
No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's interests its interest in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor Debtor for any act or failure to act, except for to the extent of Secured Party's ’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Dova Pharmaceuticals, Inc.), Security Agreement (Dova Pharmaceuticals, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Z Trim Holdings, Inc), Security Agreement (Focus Venture Partners, Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtors for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: And Security Agreement (Options Talent Group), Agreement and Plan of Merger (Options Talent Group)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Maker for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party ------------------------ hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents of the Secured Party shall be responsible to Pledgor any Debtor for any act or failure to act, except for Secured Partythe such Person's own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall do not impose any duty upon any of them it to exercise any such powers. Secured Party shall will be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor Debtors for any act or failure to act, except for Secured Party's ’s own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Security Agreement (Nuverra Environmental Solutions, Inc.)
No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor Debtor for any act or failure to act, except for Secured Party's own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents of the Secured Party shall be responsible to Pledgor the Debtor for any act or failure to act, except for Secured Partythe such Person's own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. Each of Secured Party and the Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor any of the Grantors for any act or failure to act, except for Secured Party's ’s or the Agent’s own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Security Agreement (Lionbridge Technologies Inc /De/)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party and the Secured Parties in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Grantor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party and the Investors in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Company for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Third Amended And (Boxlight Corp)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to Party under this Section 12 Agreement are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor for any act or failure to act, except for Secured Party's own gross negligence or willful misconduct.13
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtors for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Security Agreement (Know Labs, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor each Company for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Guarantor Security Agreement (Abvc Biopharma, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's ’s own bad faith, gross negligence or willful misconduct.
Appears in 1 contract
Samples: Security Agreement (Nautilus, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, directors or employees or agents of the Secured Party shall be responsible to Pledgor any CITEL Party for any act or failure to act, except for Secured Partythe such Person's own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Grantor for any act or failure to act, except for the Secured Party's ’s own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Pledge and Security Agreement (GenuTec Business Solutions, Inc.)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured PartyPa1ty's own gross negligence or willful 'Willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party ------------------------- hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Security Agreement (Rapidtron Inc)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor for any act or failure to act, except for Secured Party's own gross negligence or willful misconduct.
Appears in 1 contract
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's own recklessness, gross negligence or willful misconduct.
Appears in 1 contract
Samples: Credit Agreement (TRANS LUX Corp)
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to Party under this Section 12 Agreement are solely to protect Secured Party's its interests in the Collateral and shall not impose any duty upon any of them it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor the Debtor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Power Purchase Agreement
No Duty on Secured Party. The powers conferred on the Secured Party, its directors, officers and agents pursuant to this Section 12 Party hereunder are solely to protect the interests of the Secured Party's interests Party in the Collateral and shall not impose any duty upon any of them the Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor any Grantor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.
Appears in 1 contract
