Collateral Trustee Has No Duty. The powers conferred on the Collateral Trustee hereunder are solely to protect its interest in the Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable care of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Trustee shall have no duty as to any Collateral or responsibility for taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.
Appears in 3 contracts
Samples: Subordinated Credit Agreement (Cano Petroleum, Inc), Security Agreement (Cano Petroleum, Inc), Credit Agreement (Cano Petroleum, Inc)
Collateral Trustee Has No Duty. The powers conferred on the Collateral Trustee hereunder are solely to protect its interest in the Pledged Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable care of any Pledged Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Trustee shall have no duty as to any Pledged Collateral or responsibility for taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Collateral.
Appears in 3 contracts
Samples: Subordinated Credit Agreement (Cano Petroleum, Inc), Credit Agreement (Cano Petroleum, Inc), Pledge Agreement (Cano Petroleum, Inc)
Collateral Trustee Has No Duty. The powers conferred on the Collateral Trustee hereunder are solely to protect its interest (on behalf of the Secured Parties) in the Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable care of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Trustee shall have no duty as to any Collateral or responsibility for taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.
Appears in 1 contract
Samples: Security Agreement (Energy XXI LTD)
Collateral Trustee Has No Duty. The In addition to, and not in limitation of, Section 2.4, the powers conferred on the Collateral Trustee hereunder are solely to protect its interest in the Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable care of any Collateral in its possession and the accounting for moneys actually received by it hereunderhereunder and duties imposed under applicable law, the Collateral Trustee shall have no duty as to any Collateral or responsibility for as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.
Appears in 1 contract
