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 Lender as agent of Debtor for any purpose whatsoever, and 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). 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). Lender, by anything herein or in any assignment or otherwise, does not assume any of the obligations under any contract or agreement assigned to Lender and shall not be responsible in any way for the performance by Debtor of any of the terms and conditions thereof.

Collection of Collateral Loans; Management of Collateral. Nothing herein contained shall be construed to constitute Lender Credit Union as agent of Debtor Borrower for any purpose whatsoever, and Lender 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). Lender 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). LenderCredit Union, by anything herein or in any assignment or otherwise, does not assume any of the obligations under any contract or agreement assigned to Lender Credit Union and shall not be responsible in any way for the performance by Debtor Borrower of any of the terms and conditions thereof.. 

Collection of Collateral Loans; Management of Collateral. Nothing herein contained shall be construed to constitute Lender Credit Union as agent of Debtor Borrower for any purpose whatsoever, and Lender 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). Lender 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). LenderCredit Union, by anything herein or in any assignment or otherwise, does not assume any of the obligations under any contract or agreement assigned to Lender Credit Union and shall not be responsible in any way for the performance by Debtor Borrower of any of the terms and conditions thereof.