Secured Party Liability Sample Clauses
The Secured Party Liability clause defines the responsibilities and potential liabilities of the secured party in a secured transaction. It typically outlines the circumstances under which the secured party may be held liable for losses or damages, such as mishandling collateral or failing to comply with legal requirements. This clause clarifies the limits of the secured party’s obligations, helping to allocate risk and prevent disputes over liability in the event of loss or damage related to the collateral.
Secured Party Liability. (a) Neither the Secured Party nor any Receiver will be liable to account as mortgagee or mortgagee in possession in respect of the Charged Portfolio or be liable for any loss upon realisation or for any neglect or default of any nature whatsoever in connection with the Charged Portfolio for which a mortgagee or mortgagee in possession might as such be liable.
(b) Neither the Secured Party nor any Receiver will be obliged to make any enquiry as to the nature or sufficiency of any payment received by it under this Charge or to make any claim or to take any action to collect any monies assigned by this Charge or to enforce any rights or benefits assigned to the Secured Party by this Charge or to which the Secured Party may at any time be entitled hereunder.
(c) Neither the Secured Party nor their respective agents, managers, officers, employees, delegates or advisors will be liable for any claim, demand, liability, loss, damage, consequential damage, cost or expense incurred or arising in connection with the exercise or purported exercise of any rights, powers and discretions hereunder.
Secured Party Liability. The Secured Party shall be under no duty or liability with respect to the Collateral other than to use reasonable care in the custody of any certificate representing the Collateral while in its possession, and shall not be liable for any failure to take action necessary to preserve rights against prior parties on any instrument constituting Collateral. The Debtor agrees that in dealing with the Secured Party, the Debtor shall look solely to the assets and property of the Secured Party, in that no trustee, beneficiary, officer, director or agent of the Secured Party assumes any personal liability for the obligations of the Secured Party.
Secured Party Liability. No Secured Party shall be liable to the Sponsor for any Losses resulting from any act or omission of any Secured Party or its respective officers, employees or agents in relation to this Agreement except to the extent caused by its or his own gross negligence, wilful default or wilful misconduct.
Secured Party Liability. No Secured Party shall be liable to the Junior Creditor for any Losses resulting from any act or omission of any Secured Party or its respective officers, employees or agents in relation to this Agreement except to the extent caused by its or his own gross negligence, wilful default or wilful misconduct.
Secured Party Liability. (a) Notwithstanding any other provision contained in this Agreement, each Pledgor shall remain liable under the LLC Agreement and the Partnership Agreement, as applicable, for all of the obligations to be performed by such Pledgor thereunder to the same extent as if this Agreement had not been executed. The exercise by Secured Party or any of its respective permitted assigns or successors of any of the rights hereunder shall not release either Pledgor from any of its duties or obligations under the LLC Agreement or the Partnership Agreement, to the extent arising or accruing in respect of any period prior to the sale, assignment or other transfer of the Membership Interests or the Partnership Interests, as applicable, by Secured Party pursuant to any exercise of remedies under this Agreement. None of Secured Party or any of its respective directors, officers, employees, affiliates or agents shall have any obligations or liability under the LLC Agreement, the Partnership Agreement or under or with respect to any Pledged Collateral by reason of or arising out of this Agreement, except as set forth in Section 9-207 of the UCC, or the receipt by Secured Party of any payment relating to any Pledged Collateral, nor shall Secured Party or any of its respective directors, officers, employees, affiliates or agents be obligated in any manner to perform any of either Pledgor’s obligations under or pursuant to the LLC Agreement, the Partnership Agreement or any other agreement to which either Pledgor is a party, make any payment or inquire as to the nature or sufficiency of any payment or performance with respect to any Pledged Collateral, present or file any claim or collect the payment of any amounts or take any action to enforce any performance under or with respect to the LLC Agreement, the Partnership Agreement or Pledged Collateral or take any other action whatsoever with respect to the Pledged Collateral, in each case, other than as required under this Agreement and the other Loan Documents.
(b) The powers conferred on Secured Party hereunder are solely to protect its interests in the Pledged Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Collateral in its possession and the accounting for moneys actually received by it hereunder and except as required by applicable Law, Secured Party shall not have any duty as to any Pledged Collateral or as to the taking of any necessary steps to preser...