Common use of European Collateral Agent’s obligation to account Clause in Contracts

European Collateral Agent’s obligation to account. The European Collateral Agent shall not in any circumstances (either by reason of taking possession of the Collateral or for any other reason and whether as mortgagee in possession or on any other basis): (a) be liable to account to any Obligor or any other person for anything except the European Collateral Agent’s own actual receipts which have not been distributed or paid to that Obligor or the persons entitled or at the time of payment believed by the European Collateral Agent to be entitled to them; or (b) be liable to any Obligor or any other person for any principal, interest or Losses from or connected with any realisation by the European Collateral Agent of the Collateral or from any act, default, omission or misconduct of the European Collateral Agent, its officers, employees or agents in relation to the Collateral or from any exercise or non-exercise by the European Collateral Agent of any right exercisable by it under the European Security Agreements unless they shall be caused by the European Collateral Agent’s own gross negligence or wilful misconduct.

European Collateral Agent’s obligation to account. The European Collateral Agent shall not in any circumstances (either by reason of taking possession of the Collateral or for any other reason and whether as mortgagee in possession or on any other basis): (a) be liable to account to any Obligor or any other person for anything except the European Collateral Agent’s own actual receipts which have not been distributed or paid to that Obligor or the persons entitled or at the time of payment believed by the European Collateral Agent to be entitled to them; or (b) be liable to any Obligor or any other person for any principal, interest or Losses from or connected with any realisation realization by the European Collateral Agent of the Collateral or from any act, default, omission or misconduct of the European Collateral Agent, its officers, employees or agents in relation to the Collateral or from any exercise or non-exercise by the European Collateral Agent of any right exercisable by it under the European UK Security Agreements unless they shall be caused by the European Collateral Agent’s own gross negligence negligence, bad faith or wilful misconduct.

European Collateral Agent’s obligation to account. The European Collateral Agent shall not in any circumstances (either by reason of taking possession of the Collateral or for any other reason and whether as mortgagee in possession or on any other basis): (a) be liable to account to any Obligor or any other person for anything except the European Collateral Agent’s own actual receipts which have not been distributed or paid to that Obligor or the persons entitled or at the time of payment believed by the European Collateral Agent to be entitled to them; or (b) be liable to any Obligor or any other person for any principal, interest or Losses from or connected with any realisation realization by the European Collateral Agent of the Collateral or from any act, default, omission or misconduct of the European Collateral Agent, its officers, employees or agents in relation to the Collateral or from any exercise or non-exercise by the European Collateral Agent of any right exercisable by it under the European EuropeanUK Security Agreements unless they shall be caused by the European Collateral Agent’s own gross negligence negligence, bad faith or wilful misconduct.

European Collateral Agent’s obligation to account. The European Collateral Agent shall not in any circumstances (either by reason of taking possession of the Collateral or for any other reason and whether as mortgagee in possession or on any other basis): (a) be liable to account to any Obligor Loan Party or any other person for anything except the European Collateral Agent’s own actual receipts which have not been distributed or paid to that Obligor Loan Party or the persons entitled or at the time of payment believed by the European Collateral Agent to be entitled to them; or (b) be liable to any Obligor Loan Party or any other person for any principal, interest or Losses from or connected with any realisation realization by the European Collateral Agent of the Collateral or from any act, default, omission or misconduct of the European Collateral Agent, its officers, employees or agents in relation to the Collateral or from any exercise or non-exercise by the European Collateral Agent of any right exercisable by it under the European Security Collateral Agreements to which it is a party unless they shall be caused by the European Collateral Agent’s own gross negligence or wilful willful misconduct.