DUTIES OF THE PLEDGEE. The Pledgee shall not be liable for any acts or omissions, except in case of gross negligence (faute grave) or willful misconduct (faute intentionnelle). The Pledgee shall not be under any obligation to take any steps necessary to preserve any rights in the NIBs and the Pledged Assets against any other parties but may do so at its option, and all expenses incurred in connection therewith shall be for the account of the Pledgor and shall be part of the Secured Obligations.
Appears in 4 contracts
Samples: Pledge Agreement (Sundance Strategies, Inc.), Pledge Agreement (Sundance Strategies, Inc.), Nibs Transfer Agreement (Sundance Strategies, Inc.)
DUTIES OF THE PLEDGEE. The Pledgee shall not be liable for any acts or omissions, except in case of gross negligence (faute grave) or willful misconduct (faute intentionnelle). The Pledgee shall not be under any obligation to take any steps necessary to preserve any rights in the NIBs and the other Pledged Assets against any other parties but may do so at its option, and all expenses incurred in connection therewith shall be for the account of the Pledgor and shall be part of the Secured Obligations.
Appears in 2 contracts
Samples: Pledge Agreement (Sundance Strategies, Inc.), Pledge Agreement (Sundance Strategies, Inc.)
