Common use of Secured Party's Duties Clause in Contracts

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Secured Party shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein Secured Party shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured Party, and Secured Party shall not be required or obligated, (1) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2) to notify Pledgor of any decline in the value of any Collateral.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors Secured Party’s and Secured Creditors’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it Secured Party and Secured Creditors hereunder, neither Secured Party nor any other Secured Creditor shall have no any duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any other Secured Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein provided in this Section 5.2, neither Secured Party nor any other Secured Creditor shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured PartyParty or any other Secured Creditor, and neither Secured Party nor any other Secured Creditor shall not be required or obligated, to (1a) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2b) to notify Pledgor Grantor of any decline in the value of any Collateral.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on the Secured Party hereunder are solely to protect the Creditors interest in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be deemed to have exercised reasonable care in the safekeeping of any Collateral in its possession if such Collateral is accorded treatment substantially equal to the safekeeping that the Secured Party accords its own property of like kind. Except for the safe custody safekeeping of any Collateral in its possession and the accounting for moneys monies and for other properties actually received by it hereunder, the Secured Party shall have no duty duty, as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, tenders or other matters relative to any Collateral, whether or not the Secured Party or any Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties any Persons or any other rights pertaining to any reasonable care Collateral. The Secured Party will take action in the custody nature of exchanges, conversions, redemption, tenders and preservation of any Collateral the like requested in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein Secured Party shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured Party, and Secured Party shall not be required or obligated, (1) to present or file any claim or notice or take any action, writing by a Grantor with respect to any of the Collateral in the Secured Party’s possession if the Secured Party in its reasonable judgment determines that such action will not impair the Security Interest or in connection therewith or (2) to notify Pledgor of any decline in the value of the Collateral, but a failure of the Secured Party to comply with any Collateralsuch request shall not of itself be deemed a failure to exercise reasonable care.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors Secured Party’s and Creditors’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it Secured Party and Creditors hereunder, neither Secured Party nor any other Creditor shall have no any duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any other Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein provided in this Section 5.2, neither Secured Party nor any other Creditor shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured PartyParty or any other Creditor, and neither Secured Party nor any other Creditor shall not be required or obligated, to (1a) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2b) to notify any Pledgor of any decline in the value of any Collateral. This Section 5.2 shall survive the termination of this Agreement, and any satisfaction and discharge of any Pledgor by virtue of any payment, court order, or Law.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors Secured Party’s and other Secured Creditors’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it Secured Party and other Secured Creditors hereunder, neither Secured Party nor any other Secured Creditor shall have no any duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any other Secured Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein provided in this Section 5.2, neither Secured Party nor any other Secured Creditor shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured PartyParty or any other Secured Creditor, and neither Secured Party nor any other Secured Creditor shall not be required or obligated, to (1a) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2b) to notify Pledgor any Grantor of any decline in the value of any Collateral.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Secured Party shall be deemed to have exercised reasonable care in the safekeeping of any Collateral in its possession if such Collateral is accorded treatment substantially equal to the safekeeping which Secured Party accords its own property of like kind. Except for the safe custody safekeeping of any Collateral in its possession and the accounting for moneys monies and for other properties actually received by it hereunder, Secured Party shall have no duty duty, as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, tenders or other matters relative to any Collateral, whether or not Secured Party or any Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties any Persons or any other rights pertaining to any Collateral. Secured Party will take action in the nature of exchanges, conversions, redemptions, tenders and the like requested in writing by Grantor with respect to the Collateral in Secured Party’s possession if Secured Party in its reasonable judgment determines that such action will not impair the Security Interest or the value of the Collateral, but a failure of Secured Party to comply with any such request shall not of itself be deemed a failure to exercise reasonable care in with respect to the custody and preservation taking of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein Secured Party shall not have any duty or liability to protect or preserve any Collateral or necessary steps to preserve rights against any Persons or any other rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured Party, and Secured Party shall not be required or obligated, (1) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2) to notify Pledgor of any decline in the value of any Collateral.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors Secured Party’s and Lenders’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it Secured Party and Lenders hereunder, neither Secured Party nor any other Lender shall have no any duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any Creditor other Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein provided in this Section 5.02, neither Secured Party nor any other Lender shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured PartyParty or any other Lender, and neither Secured Party nor any other Lender shall not be required or obligated, to (1a) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2b) to notify Pledgor Debtor of any decline in the value of any Collateral.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on upon Secured Party hereunder by this Security Agreement are solely to protect the Creditors its interest in the Collateral and shall not impose any duty upon it Secured Party to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Secured Party shall have be under no duty as whatsoever to make or give any Collateralpresentment, as to ascertaining or taking action with respect to callsdemand for performance, conversionsnotice of non-performance, exchangesprotest, maturitiesnotice of protest, tendersnotice of dishonor, or other matters relative to notice or demand in connection with any Collateral, whether Collateral or not Secured Party or any Creditor has or is deemed to have knowledge of such mattersthe Obligations, or as to the taking of take any steps necessary steps to preserve any rights against prior parties parties. Secured Party shall not be liable for failure to collect or realize upon any other rights pertaining or all of the Obligations or Collateral, or for any delay in so doing, nor shall Secured Party be under any duty to take any action whatsoever with regard thereto. The Secured Party’s duty with reference to the Collateral (and only to the extent it is in possession of Secured Party) shall be solely to use reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Secured Party’s possession. The Secured Party accords its own property. Except as set forth herein need not take any steps to keep the Collateral identifiable and under no circumstance whatsoever is Secured Party shall not have any duty required to sell, or liability cause to protect be sold, or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured Party, and Secured Party shall not be required or obligated, (1) to present or file any claim or notice or take any action, with respect consent to any request to sell, exchange, or liquidate any of the Collateral or in connection therewith or (2) to notify Pledgor of any decline in the event the value of any such Collateral has declined or is anticipated to decline in the future. THE SECURED PARTY SHALL NOT BE RESPONSIBLE IN ANY WAY FOR ANY DEPRECIATION IN THE VALUE OF THE COLLATERAL, NOR SHALL THE SECURED PARTY BE UNDER ANY DUTY TO SELL OR DISPOSE OF THE COLLATERAL, OR ALLOW THE COLLATERAL TO BE SOLD OR DISPOSED OF BY ANY PARTY OTHER THAN PLEDGOR IN THE EVENT THAT THE COLLATERAL IS PROJECTED TO, OR DOES, DECLINE IN VALUE. Secured Party shall have no duty to comply with any recording, filing, or other legal requirements necessary to establish or maintain the validity, priority or enforceability of, or Secured Party’s rights in or to, any of the Collateral.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors Secured Party’s and Creditors’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it Secured Party and Creditors hereunder, neither Secured Party nor any other Creditor shall have no any duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any other Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein provided in this Section, neither Secured Party nor any other Creditor shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured PartyParty or any other Creditor, and neither Secured Party nor any other Creditor shall not be required or obligated, except as required by non-waivable provisions of applicable Law, to (1a) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2b) to notify Pledgor any Debtor of any decline in the value of any Collateral. This Section shall survive the termination of this Agreement, and any satisfaction and discharge of each Debtor by virtue of any payment, court order, or Law.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors Secured Party’s and Creditors’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it Secured Party and Creditors hereunder, neither Secured Party nor any other Creditor shall have no any duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any other Creditor has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein provided in this Section, neither Secured Party nor any other Creditor shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured PartyParty or any other Creditor, and neither Secured Party nor any other Creditor shall not be required or obligated, to (1a) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2b) to notify Pledgor any Debtor of any decline in the value of any Collateral. This Section shall survive the termination of this Agreement, and any satisfaction and discharge of each Debtor by virtue of any payment, court order, or Law.

Secured Party's Duties. The Creditors have appointed Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 of the Intercreditor Agreement, the successor Secured Party appointed in accordance with Section 6.04 of the Intercreditor Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors interest in the 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 monies actually received by it hereunder, the Secured Party shall have no duty as to any Pledged Collateral, as to ascertaining or taking action with respect to calls, conversionsconversion, exchanges, maturities, tenders, tenders or other matters relative to any Pledged Collateral, whether or not the Secured Party or any Creditor other Noteholder has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior any parties or any other rights pertaining to any Pledged Collateral. The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of any the Pledged Collateral in its possession if such the Pledged Collateral is accorded treatment substantially equal to that which the Secured Party accords its own property. Except as set forth herein Secured Party shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured Party, and The Secured Party shall not be required or obligated, (1) to present or file exercise any claim or notice discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Noteholders, in accordance with respect the Intercreditor Agreement, and such instructions shall be binding upon the holders of all Secured Obligations; provided, however, that the Secured Party shall not be required to take any action which exposes the Secured Party to personal liability or which is contrary to any Collateral or in connection therewith or Financing Document (2) to notify Pledgor of any decline as defined in the value of any CollateralIntercreditor Agreement) or applicable law.

Secured Party's Duties. The Creditors have appointed Lenders hereby appoint Secured Party to act as their agent as provided herein. In the event Secured Party is replaced pursuant to Section 6.04 9.9 of the Intercreditor Credit Agreement, the successor Secured Party appointed in accordance with Section 6.04 9.9 of the Intercreditor Credit Agreement shall be the Secured Party hereunder. The powers conferred on Secured Party hereunder are solely to protect the Creditors Lenders' interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Secured Party shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral, whether or not Secured Party or any Creditor Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property. Except as set forth herein Secured Party shall not have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing contained in this Agreement shall be construed as requiring or obligating Secured Party, and Secured Party shall not be required or obligated, (1) to present or file any claim or notice or take any action, with respect to any Collateral or in connection therewith or (2) to notify Pledgor of any decline in the value of any Collateral.