Common use of No liability as mortgagee in possession Clause in Contracts

No liability as mortgagee in possession. The Indenture Trustee shall not nor shall any Receiver appointed as aforesaid by reason of the Indenture Trustee or the Receiver entering into possession of any Security Asset be liable to account as mortgagee in possession or be liable for any loss or realization or for any default or omission for which a mortgagee in possession might be liable. Every Receiver duly appointed by the Indenture Trustee shall be deemed to be the agent of the Owner for all purposes and shall as such agent be deemed to be in the same position as a Receiver duly appointed by a mortgagee under statute. The Owner alone shall be responsible for its agreements, obligations, acts, omissions, defaults and losses and the Indenture Trustee shall not incur any responsibility therefor (either to the Owner or to any other Person whatsoever) by reason of appointing such Receiver or for any other reason whatsoever. Every such Receiver and the Indenture Trustee shall be entitled to all the rights, privileges and immunities by statute conferred on mortgagees and receivers when such receivers have been duly appointed.

No liability as mortgagee in possession. The Indenture Neither the Security Trustee shall not nor shall its nominee nor any Receiver appointed as aforesaid shall by reason of the Indenture Trustee or the Receiver entering into possession of the Charged Assets or any Security Asset of them be liable to account as mortgagee in possession or be liable for any loss or realization on realisation or for any default or omission for which a mortgagee in possession might otherwise be liable. Every Receiver duly appointed by the Indenture Security Trustee under the powers set forth herein shall be deemed to be the agent of the Owner Chargor for all purposes and shall as such agent for all purposes be deemed to be in the same position as a Receiver duly appointed by a mortgagee under statutethe Law of Property Xxx 0000. The Owner Chargor alone shall be responsible for its agreementseach Receiver’s contracts, obligationsengagements, acts, omissions, defaults and losses and for all liabilities incurred by him and neither the Indenture Security Trustee nor the Receiver shall not incur any responsibility liability therefor (either to the Owner Chargor or to any other Person person whatsoever) by reason of appointing such Receiver or for any other reason whatsoever. Every such Receiver and the Indenture Trustee shall be entitled to all the rights, privileges and immunities by statute conferred on mortgagees and receivers when such receivers have been duly appointedwhatsoever other than for their gross negligence or wilful default.