Common use of Not Responsible Clause in Contracts

Not Responsible. The Collateral Agent, the Agent and the Lenders shall not have any responsibility or liability for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Collateral Agent, the Agent or any Lender has or is deemed to have knowledge of such matters, (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral, (iii) collecting any proceeds of any Pledged Collateral or by reason of any invalidity, lack of value or uncollectability of any of the payments received by it from obligors or otherwise or (iv) any other matter in connection with any Loan Document except in respect of duties specifically undertaken by it in this Agreement and in that case none of the Collateral Agent, the Agent or any of the Lenders shall be liable to any party in the absence of gross negligence or willful misconduct.

Not Responsible. The Collateral Agent, the Agent and the Lenders shall not have any responsibility or liability for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Guarantee Collateral, whether or not the Collateral Agent, the Agent or any Lender has or is deemed to have knowledge of such matters, (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Guarantee Collateral, (iii) collecting any proceeds of any Pledged Guarantee Collateral or by reason of any invalidity, lack of value or uncollectability of any of the payments received by it from obligors or otherwise or (iv) any other matter in connection with any Loan Document except in respect of duties specifically undertaken by it in this Agreement and in that case none of the Collateral Agent, the Agent or any of the Lenders shall be liable to any party in the absence of gross negligence or willful misconduct.

Not Responsible. The Collateral Agent, the Agent and the Lenders shall not have any responsibility or liability for (i) ascertaining or taking action with respect to calls, conversionscon versions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Collateral Agent, the Agent or any Lender has or is deemed to have knowledge of such matters, (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral, (iii) collecting any proceeds of any Pledged Collateral or by reason of any invalidity, lack of value or uncollectability of any of the payments received by it from obligors or otherwise or (iv) any other matter in connection with any Loan Document except in respect of duties specifically undertaken by it in this Agreement and in that case none of the Collateral Agent, the Agent or any of the Lenders shall be liable to any party in the absence of gross negligence or willful misconduct.