Lender's Duty Regarding Collateral. Lender shall have no duty or obligation to protect, insure, collect or realize upon the Collateral or preserve rights in it against prior parties. Borrower releases Lender from, and shall indemnify Lender against, any liability for any act or omission relating to the Collateral, except for any liability directly resulting from Lender's gross negligence or willful misconduct.
Appears in 3 contracts
Samples: Loan Agreement (Ugly Duckling Corp), Credit and Security Agreement (Ugly Duckling Corp), Loan Agreement (Ugly Duckling Corp)
Lender's Duty Regarding Collateral. Lender shall have no duty or obligation to protect, insure, collect or realize upon the Collateral or preserve rights in it against prior parties; provided, however, the foregoing statement does not apply to the extent that Lender has such duties or obligations to Borrower in its capacity as a customer of Lender. Borrower releases Lender from, and shall indemnify Lender against, any liability for any act or omission relating to the Collateral, except for any liability directly resulting from Lender's gross negligence or willful misconduct.
Appears in 1 contract
