Common use of Collection of Collateral Loans; Management of Collateral Clause in Contracts

Collection of Collateral Loans; Management of Collateral. Nothing herein contained shall be construed to constitute Credit Union as agent of Borrower for any purpose whatsoever, and Credit Union shall not be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof (other than from acts of omission or commission constituting gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction). Credit Union shall not, under any circumstance or in any event whatsoever, have any liability for any error or omission or delay of any kind occurring in the settlement, collection or payment of any of the Collateral Loans or any instrument received in payment thereof or for any damage resulting therefrom (other than acts of omission or commission constituting gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction). Credit Union, by anything herein or in any assignment or otherwise, does not assume any of the obligations under any contract or agreement assigned to Credit Union and shall not be responsible in any way for the performance by Borrower of any of the terms and conditions thereof. 

Collection of Collateral Loans; Management of Collateral. Nothing herein contained shall be construed to constitute Credit Union Lender as agent of Borrower Debtor for any purpose whatsoever, and Credit Union Lender shall not be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof (other than from acts of omission or commission constituting gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction). Credit Union Lender shall not, under any circumstance or in any event whatsoever, have any liability for any error or omission or delay of any kind occurring in the settlement, collection or payment of any of the Collateral Loans or any instrument received in payment thereof or for any damage resulting therefrom (other than acts of omission or commission constituting gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction). Credit UnionLender, by anything herein or in any assignment or otherwise, does not assume any of the obligations under any contract or agreement assigned to Credit Union Lender and shall not be responsible in any way for the performance by Borrower Debtor of any of the terms and conditions thereof. .

Collection of Collateral Loans; Management of Collateral. Nothing herein contained shall be construed to constitute Credit Union as agent of Borrower for any purpose whatsoever, and Credit Union shall not be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof (other than from acts of omission or commission constituting gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction). Credit Union shall not, under any circumstance or in any event whatsoever, have any liability for any error or omission or delay of any kind occurring in the settlement, collection or payment of any of the Collateral Loans or any instrument received in payment thereof or for any damage resulting therefrom (other than acts of omission or commission constituting gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction). Credit Union, by anything herein or in any assignment or otherwise, does not assume any of the obligations under any contract or agreement assigned to Credit Union and shall not be responsible in any way for the performance by Borrower of any of the terms and conditions thereof. .