Common use of Duty of the Administrative Agent Clause in Contracts

Duty of the Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with such Collateral in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any Secured Party nor any of their respective officers, directors, employees, advisors, attorneys or agents shall be liable for any 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 and the other 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 other Secured Party to exercise any such powers. The Administrative Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees, advisors, attorneys or agents shall be responsible to any Grantor for any act or failure to act hereunder.

Duty of the Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with such Collateral it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any Secured Party Agent nor any of their its respective officers, directors, employees, advisors, attorneys employees or agents shall be liable for any 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 and the other Secured Parties hereunder are solely to protect the Secured PartiesAdministrative Agent’s and the Lenders’ interests in the Collateral and shall not impose any duty upon the Administrative Agent or any other Secured Party Lender to exercise any such powers. The Administrative Agent and the other Secured Parties Lenders shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees, advisors, attorneys employees or agents shall be responsible to any Grantor for any act or failure to act hereunder.