Common use of PLEDGEE NOT BOUND Clause in Contracts

PLEDGEE NOT BOUND. (a) This Pledge Agreement shall not be construed as creating a partnership or joint venture agreement between Pledgee and Pledgor. (b) Pledgee shall not be obligated to perform or discharge any obligation of Pledgor as a result of the collateral assignment hereby effected. (c) The acceptance by Pledgee of this Pledge Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate Pledgee to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral.

PLEDGEE NOT BOUND. (a) This Pledge Agreement shall not be construed as creating a partnership or joint venture agreement between Pledgee Pledg- ee and PledgorPledgors. (b) Pledgee shall not be obligated to perform or discharge any obligation of Pledgor Pledgors as a result of the collateral assignment hereby effected. (c) The acceptance by Pledgee of this Pledge Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate Pledgee to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or 0148845.05-01S4a 12 perform or discharge any obligation, duty or liability under the Collateral.