Common use of Collateral Duties Clause in Contracts

Collateral Duties. Secured Party shall have no custodial or ministerial duties to perform with respect to Collateral pledged except as set forth herein; and by way of explanation and not by way of limitation, absent gross negligence or willful misconduct, Secured Party shall incur no liability for any of the following: (i) loss or depreciation of Collateral, (ii) failure to present any paper for payment or protest, to protest or give notice of nonpayment, or any other notice with respect to any Collateral, (iii) failure to ascertain, notify Borrowers of, or take any action in connection with any conversion, call, redemption, retirement or any other event relating to any of the Collateral, or failure to notify any party hereto that Collateral should be presented or surrendered for any such reason. Borrowers acknowledge that Secured Party is not an investment advisor or insurer with respect to the Collateral and Secured Party has no duty to advise Borrowers of any actual or anticipated changes in the value of the Collateral.

Collateral Duties. Secured Party shall have no custodial or ministerial duties to perform with respect to Collateral pledged except as set forth herein; and by way of explanation and not by way of limitation, absent gross negligence or willful misconduct, Secured Party shall incur no liability for any of the following: (i) the loss or depreciation of Collateral, Collateral (ii) unless caused by its willful misconduct or gross negligence); a failure to present any paper for payment or protest, to protest or give notice of nonpayment, or any other notice with respect to any paper or Collateral, (iii) a failure to ascertain, notify Borrowers Debtor of, or take any action in connection with any conversion, call, redemption, retirement or any other event relating to any of the Collateral, Collateral or the failure to notify any party hereto that Collateral should be presented or surrendered for any such reason. Borrowers acknowledge Debtor acknowledges that Secured Party is not an investment advisor or insurer with respect to the Collateral Collateral; and Secured Party has no duty to advise Borrowers Debtor of any actual or anticipated changes in the value of the Collateral.

Collateral Duties. Secured Party shall have no custodial or ------------------ ministerial duties to perform with respect to Collateral pledged except as set - forth herein; and by way of explanation and not by way of limitation, absent gross negligence or willful misconduct, Secured Party shall incur no liability for any of the following: (i) loss or depreciation of Collateral, (ii) failure to present any paper for payment or protest, to protest or give notice of nonpayment, or any other notice with respect to any paper or Collateral, (iii) failure to ascertain, notify Borrowers Borrower of, or take any action in connection with any conversion, call, redemption, retirement or any other event relating to any of the Collateral, or failure to notify any party hereto that Collateral should be presented or surrendered for any such reason. Borrowers acknowledge Borrower acknowledges that Secured Party is not an investment advisor or insurer with respect to the Collateral Collateral; and Secured Party has no duty to advise Borrowers Borrower of any actual or anticipated changes in the value of the Collateral.