Pledgor Exculpation Clause Samples

Pledgor Exculpation. Pledgor’s liability in connection with this Agreement (including Pledgor’s liability for all amounts due hereunder) is collectible only from the Collateral against which a security interest is created by this Agreement. In no case will any person who holds a direct or indirect ownership interest in Pledgor, or any officer, director, manager, trustee, employee, agent or affiliate of Pledgor or any such direct or indirect owner, have any responsibility for Pledgor’s obligations in connection with this Agreement (including Pledgor’s liability for any amounts due hereunder); provided, however, that nothing in this Section 8(m) limits the liability of any person under a guaranty or other agreement executed by such person.