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

Limitation on Duties Regarding Preservation of Collateral. (a) The Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Secured Party deals with similar property for its own account.

Appears in 4 contracts

Samples: Security and Pledge Agreement (Atlantic Express Transportation Corp), Security and Pledge Agreement (Atlantic Express Transportation Corp), Security Agreement (Trump Atlantic City Funding Inc)

AutoNDA by SimpleDocs

Limitation on Duties Regarding Preservation of Collateral. (a) The Secured Party'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 UCC or otherwise, shall be to deal with it in the same manner as the Secured Party deals with similar property for its own account.

Appears in 3 contracts

Samples: Common Stock Purchase Agreement (ONE Bio, Corp.), Security Agreement (Itex Corp), Security Agreement (Itex Corp)

Limitation on Duties Regarding Preservation of Collateral. (a) The Secured Party's ’ sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its their possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Secured Party deals deal with similar property for its their own account.

Appears in 2 contracts

Samples: Security Agreement (Auriga Laboratories, Inc.), Security Agreement (Biogold Fuels CORP)

Limitation on Duties Regarding Preservation of Collateral. (a) The the Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Secured Party deals with similar property for its own account.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Fidelity Leasing Inc), Stock Purchase Agreement (Resource America Inc)

Limitation on Duties Regarding Preservation of Collateral. (a) The Secured Party's Parties' sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its their possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Secured Party deals Parties deal with similar property for its their own account.

Appears in 1 contract

Samples: Security Agreement (World Waste Technologies Inc)

Limitation on Duties Regarding Preservation of Collateral. (a) The Each Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the such Secured Party deals with similar property for its own account.

Appears in 1 contract

Samples: Security Agreement (Microprose Inc/De)

AutoNDA by SimpleDocs

Limitation on Duties Regarding Preservation of Collateral. (a) The Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as use reasonable care. Neither the Secured Party deals with similar property nor any of its directors, officers, employees or agents shall be liable for its own accountfailure 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 Debtor or otherwise.

Appears in 1 contract

Samples: Security Agreement (TMBR Sharp Drilling Inc)

Limitation on Duties Regarding Preservation of Collateral. 6.7 (a) The Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-9- 207 of the UCC or otherwise, shall be to deal with it in the same manner as the Secured Party deals with similar property for its own account.

Appears in 1 contract

Samples: Security Agreement (Synbiotics Corp)

Limitation on Duties Regarding Preservation of Collateral. (a) The Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, possession shall be to deal with it in the same manner as the Secured Party deals with similar property for its own account.

Appears in 1 contract

Samples: Security Agreement (Commerce Energy Group Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!