Common use of Rights of Bank Clause in Contracts

Rights of Bank. Bank shall not be liable for failure to collect or realize upon the Obligations or any collateral security (including, but not limited to, the Pledged Bonds) or guaranty therefor, or any part thereof, or for any delay in so doing, nor shall Bank be under any obligation to take any action whatsoever with regard thereto. If an Event of Default has occurred and is continuing, Bank may thereafter, without notice (except the notice specified in Section 7, below, of time and place of public or private sale), exercise all rights, privileges or options pertaining to any Pledged Bonds as if it were the absolute owner thereof, upon such terms and conditions as it may determine, all without liability except to account for property actually received by it, but Bank shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing.

Rights of Bank. Bank shall not be liable for failure to collect or realize upon the Obligations or any collateral security (including, but not limited to, to the Pledged Bonds) or guaranty therefor, or any part thereof, or for any delay in so doing, nor shall Bank be under any obligation to take any action whatsoever with regard thereto. If an Event of Default has occurred and is continuing, Bank may thereafter, without notice (except the notice specified in Section 7, below, 7 below of time and place of public or private sale), exercise all rights, privileges or options pertaining to any Pledged Bonds as if it were the absolute owner thereof, upon such terms and conditions as it may determine, all without liability except to account for property actually received by it, but Bank shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing.