Common use of Duty of Trustee Clause in Contracts

Duty of Trustee. The Trustee's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner and with the same care as the Trustee deals with similar property for its own account. Neither the Trustee, any Noteholder nor any of their respective directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, except where such failure or delay results from their gross negligence or willful misconduct, or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Company 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 Trustee and the Noteholders hereunder are solely to protect the Trustee's and the Noteholders' interests in the Collateral and shall not impose any duty upon the Trustee or any Noteholder to exercise any such powers. The Trustee and the Noteholders 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 or agents shall be responsible to the Company for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.

Duty of Trustee. The Trustee's sole duty with respect to the --------------- custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Code UCC or otherwise, shall be to deal with it in the same manner and with the same care as the Trustee deals with similar property for its own accountaccount except that after the occurrence and continuance of an Event of Default, the Trustee shall have no obligations to invest funds held in the Collateral Account and may hold the same as demand deposits. Neither the Trustee, any Noteholder Holder nor any of their respective officers, directors, officers, employees or agents Trustees shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, except where such failure or delay results from their gross negligence or willful misconduct, so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Company 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 Trustee and the Noteholders Holders hereunder are solely to protect the Trustee's and the NoteholdersHolders' interests in the Collateral and shall not impose any duty upon the Trustee or any Noteholder Holder to exercise any such powers. The Trustee and the Noteholders Holders 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 or agents Trustees shall be responsible to the Company Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.

Duty of Trustee. The Trustee's sole duty with respect to the custody, safekeeping and physical preservation presentation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner and with the same care as the Trustee deals with similar property for its own account. Neither the Trustee, any Noteholder nor any of their respective directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, except where such failure or delay results from their gross negligence or willful misconduct, or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Company each 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 Trustee and the Noteholders hereunder are solely to protect the Trustee's and the Noteholders' interests in the Collateral and shall not impose any duty upon the Trustee or any Noteholder to exercise any such powers. The Trustee and the Noteholders 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 or agents shall be responsible to the Company any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.

Duty of Trustee. The Trustee's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner and with the same care as the Trustee deals with similar property for its own account. Neither the Trustee, any Noteholder nor any of their respective directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, except where such failure or delay results from their gross negligence or willful misconduct, or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Company each Pledgor 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 Trustee and the Noteholders hereunder are solely to protect the Trustee's and the Noteholders' interests in the Collateral and shall not impose any duty upon the Trustee or any Noteholder to exercise any such powers. The Trustee and the Noteholders 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 or agents shall be responsible to the Company each Pledgor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.