Common use of Limitation on Duties Regarding Preservation of Collateral Clause in Contracts

Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Code or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor or otherwise.

Appears in 2 contracts

Samples: Patent and Trademark Security Agreement (Cephalon Inc), Security Agreement (Cephalon Inc)

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Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Code or otherwise, shall be to deal with it in the same manner as the Collateral Administrative Agent deals with similar property for its own account. Neither the Collateral Agent Administrative Agent, any Lender, nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the any Grantor or otherwise.

Appears in 2 contracts

Samples: Credit Agreement (Werner Holding Co Inc /Pa/), Collateral Agreement (Werner Holding Co Inc /Pa/)

Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral AgentGrantee'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 as the Collateral Agent Grantee deals with similar property for its own account. Neither the Collateral Agent Grantee nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor or otherwise.

Appears in 1 contract

Samples: Securities Purchase Agreement (Telecorp PCS Inc)

Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Code or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither None of the Collateral Agent Agent, GE Capital and any Lender, nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor Borrower or otherwise.

Appears in 1 contract

Samples: Security Agreement (Cogen Technologies Inc)

Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Uniform Commercial Code or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent nor any of its directors, officers, officers or 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor Note Issuer or otherwise.

Appears in 1 contract

Samples: Committed Note Purchase and Security Agreement (New Century Financial Corp)

Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Code or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent Agent, any Indenture Claimholder, nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the any Grantor or otherwise.

Appears in 1 contract

Samples: Indenture Collateral Agreement (Stratus Technologies Bermuda Holdings Ltd.)

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Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Code or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent Agent, nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor or otherwise.

Appears in 1 contract

Samples: Security Agreement (Source Media Inc)

Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Code or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent Agent, nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the any Grantor or otherwise.. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------

Appears in 1 contract

Samples: Security Agreement (Mentus Media Corp)

Limitation on Duties Regarding Preservation of Collateral. The --------------------------------------------------------- Collateral 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 Code or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent Agent, nor any of its 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 or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the any Grantor or otherwise.

Appears in 1 contract

Samples: Security Agreement (Source Media Inc)

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