Duty Obligations and Liabilities. The Purchaser Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Purchaser Agent deals with similar property for its own account. The powers conferred on the Purchaser Agent hereunder are solely to protect the Purchaser Agent’s interest in the Collateral and shall not impose any duty upon the Purchaser Agent to exercise any such powers. The Purchaser Agent shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Affiliates shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition, the Purchaser Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by the Purchaser Agent in good faith.
Appears in 3 contracts
Samples: Security Agreement (Fresh Vine Wine, Inc.), Security Agreement (Unique Logistics International Inc), Securities Purchase Agreement (Bergio International, Inc.)
Duty Obligations and Liabilities. The Purchaser Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Purchaser Collateral Agent deals with similar property for its own account. The powers conferred on the Purchaser Collateral Agent hereunder are solely to protect the Purchaser Collateral Agent’s interest in the Collateral and shall not impose any duty upon the Purchaser Collateral Agent to exercise any such powers. The Purchaser Collateral Agent shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Affiliates shall be responsible to any the Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition, the Purchaser Collateral Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by the Purchaser Collateral Agent in good faith.
Appears in 2 contracts
Samples: Security Agreement (Chromocell Therapeutics Corp), Security Agreement (Chromocell Therapeutics Corp)
Duty Obligations and Liabilities. The Purchaser Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Purchaser Collateral Agent deals with similar property for its own account. The powers conferred on the Purchaser Collateral Agent hereunder are solely to protect the Purchaser Collateral Agent’s interest in the Collateral and shall not impose any duty upon the Purchaser Collateral Agent to exercise any such powers. The Purchaser Collateral Agent shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Affiliates shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition, the Purchaser Collateral Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by the Purchaser Collateral Agent in good faith.
Appears in 2 contracts
Samples: Security Agreement (Vsee Health, Inc.), Security Agreement (Unrivaled Brands, Inc.)
Duty Obligations and Liabilities. The Purchaser Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Purchaser Agent deals with similar property for its own account. The powers conferred on the Purchaser Agent hereunder are solely to protect the Purchaser Agent’s interest in the Collateral and shall not impose any duty upon the Purchaser Agent to exercise any such powers. The Purchaser Agent shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Affiliates shall be responsible to any Grantor Debtor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition, the Purchaser Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by the Purchaser Agent in good faith.
Appears in 1 contract
Samples: Security Agreement (Bloomios, Inc.)