Common use of Duty of Administrative Agent Clause in Contracts

Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with such Collateral in a manner substantially similar to that which the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any other Secured Party nor any of their respective officers, directors, partners, employees, agents, advisors, attorneys, attorneys-in-fact or affiliates shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent pursuant to this Agreement are solely to protect the Secured Parties’ interests in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Administrative Agent nor any of its officers, directors, employees, agents, advisors, attorneys, attorneys-in-fact or affiliates shall be responsible to any Grantor for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct.

Duty of Administrative Agent. The Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Administrative Agent’s 's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with such Collateral it in a the same manner substantially similar to that which as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any other No Secured Party nor any of their respective its officers, directors, partners, employees, agents, advisors, attorneys, attorneys-in-fact employees or affiliates agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent pursuant to this Agreement and the Secured Parties hereunder are solely to protect the Secured Parties’ ' interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such powers. The Administrative Agent Secured Parties shall be accountable only for amounts that it they actually receives receive as a result of the exercise of such powers, and neither the Administrative Agent they nor any of its their officers, directors, employees, agents, advisors, attorneys, attorneys-in-fact employees or affiliates agents shall be responsible to any Grantor for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct.

Duty of Administrative Agent. The Administrative Agent’s 's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with such Collateral it in a the same manner substantially similar to that which as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any other No Secured Party nor any of their respective its officers, directors, partners, employees, agents, advisors, attorneys, attorneys-in-fact employees or affiliates agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent pursuant to this Agreement and the Secured Parties hereunder are solely to protect the Secured Parties’ ' interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such powers. The Administrative Agent Secured Parties shall be accountable only for amounts that it they actually receives receive as a result of the exercise of such powers, and neither the Administrative Agent they nor any of its their officers, directors, employees, agents, advisors, attorneys, attorneys-in-fact employees or affiliates agents shall be responsible to any Grantor for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct.

Duty of Administrative Agent. The Administrative Agent’s 's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with such Collateral it in a the same manner substantially similar to that which as the Administrative Agent deals with similar property for its own account. Neither To the extent permitted under applicable law, neither the Administrative Agent, nor any other Secured Party nor any of their respective officers, directors, partners, employees, agents, attorneys and other advisors, attorneys, attorneys-in-fact or affiliates shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent pursuant to this Agreement Secured Parties hereunder are solely to protect the Secured Parties’ ' interests in the Collateral and shall not impose any duty upon the Administrative Agent any Secured Party to exercise any such powers. The Administrative Agent Secured Parties shall be accountable only for amounts that it they actually receives receive as a result of the exercise of such powers, and neither the Administrative Agent they nor any of its their officers, directors, partners, employees, agents, attorneys and other advisors, attorneys, attorneys-in-fact or affiliates shall be responsible to any Grantor for any act or failure to act hereunder, except for its to the extent that any such act or failure to act is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from their own gross negligence or willful misconduct.

Duty of Administrative Agent. The Administrative Agent’s 's sole duty with respect to the custody, safekeeping and physical preservation of the Security Collateral in its possession, under Section 9-207 of the UCC Code or otherwise, shall be to deal with such Collateral it in a the same manner substantially similar to that which as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any other Secured Party nor any of their respective officers, 205 33 directors, partners, employees, agents, advisors, attorneys, attorneys-in-fact employees or affiliates agents shall be liable for failure to demand, collect or realize upon any of the Security Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Security Collateral upon the request of any Grantor Granting Party or any other Person or to take any other action whatsoever with regard to the Security Collateral or any part thereof. The powers conferred on the Administrative Agent pursuant to this Agreement and the other Secured Parties hereunder are solely to protect the Administrative Agent's and the other Secured Parties’ ' interests in the Security Collateral and shall not impose any duty upon the Administrative Agent or any other Secured Party to exercise any such powers. The Administrative Agent and the other Secured Parties shall be accountable only for amounts that it they actually receives receive as a result of the exercise of such powers, and neither the Administrative Agent they nor any of its their officers, directors, employees, agents, advisors, attorneys, attorneys-in-fact employees or affiliates agents shall be responsible to any Grantor Granting Party for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct.