Duties with Respect to Collateral. With respect to the Collateral, the Secured Party shall be under no duty to send notices, perform services, pay for insurance, taxes or other charges or take any action of any kind in connection with the management thereof and its only duty with respect thereto shall be to use reasonable care in its custody and preservation while in its possession, which shall not include any steps necessary to preserve rights against prior parties.
Appears in 3 contracts
Samples: Loan Agreement (Paxson Communications Corp), Security Agreement (I Link Inc), Security Agreement (Blaya Inc)
Duties with Respect to Collateral. With respect to the --------------------------------- Collateral, the Secured Party shall be under no duty to send notices, perform services, pay for insurance, taxes or other charges or take any action of any kind in connection with the management thereof and its only duty with respect thereto shall be to use reasonable care in its custody and preservation while in its possession, which shall not include any steps necessary to preserve rights against prior parties.
Appears in 1 contract
Samples: Security Agreement (Medcross Inc)
