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Common use of Action in Good Faith, etc Clause in Contracts

Action in Good Faith, etc. In the exercise of its rights, powers and duties hereunder, the Collateral Agent shall act in a commercially reasonable manner. The Collateral Agent and its officers, directors, employees and agents shall be under no duty to act except as expressly set forth this Agreement and shall have no liability to the Secured Parties for any action or failure to act taken or suffered without willful misconduct or gross negligence. The Collateral Agent shall in all cases be entitled to rely, and shall not be liable to the Secured Parties for any action taken in reliance, on instructions given to the Collateral Agent in accordance with Section 29(b).

Appears in 1 contract

Samples: Second Lien Security Agreement (Stanadyne Holdings, Inc.)

Action in Good Faith, etc. In the exercise of its rights, powers and duties hereunder, the Collateral Agent shall act in a commercially reasonable manner. The Collateral Agent and its officers, directors, employees and agents shall be under no duty to act except as expressly set forth this Agreement in Section 4.2 and shall have no liability to the Secured Parties for any action or failure to act taken or suffered without willful misconduct or gross negligence. The Collateral Agent shall in all cases be entitled to rely, and shall not be liable to the Secured Parties for any action taken in reliance, on instructions given to the Collateral Agent in accordance with Section 29(b)4.2.

Appears in 1 contract

Samples: Secured Loan Agreement (Homenet Corp)

Action in Good Faith, etc. In the exercise of its rights, powers ------------------------- and duties hereunder, the Collateral Agent shall act in a commercially reasonable manner. The Collateral Agent and its officers, directors, employees and agents shall be under no duty to act except as expressly set forth this Agreement in Section 3.2 and shall have no liability to the Secured Parties Noteholders for any action or failure to act taken or suffered without willful misconduct or gross negligence. The Collateral Agent shall in all cases be entitled to rely, and shall not be liable to the Secured Parties Noteholders for any action taken in reliance, on instructions given to the Collateral Agent in accordance with Section 29(b)3.2.

Appears in 1 contract

Samples: Collateral Agency Agreement (Bradlees Inc)