Common use of Limitation on Duty of Trustee Clause in Contracts

Limitation on Duty of Trustee. with Respect to the Pledged Collateral. The powers conferred on Trustee hereunder are solely to protect its interest in the Pledged Collateral and shall not impose any duty on it to exercise any such powers. Except for the safe custody of any Pledged Collateral in its possession and the accounting for monies actually received by it hereunder, Trustee shall have no duty with respect to any Pledged Collateral in its possession (or in the possession of any agent or bailee). Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if it takes such action for that purpose as Company reasonably requests in writing, but failure of Trustee to comply with any such request at any time shall not of itself be deemed a failure to exercise reasonable care. It is expressly agreed that Trustee shall have no responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not Trustee has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral, but Trustee may do so and, subject to Section 15, all expenses incurred in connection therewith shall be payable by and for the sole account of Company.

Limitation on Duty of Trustee. with Respect to the Pledged Collateral. The powers conferred on Trustee hereunder are solely to protect its interest in the Pledged Collateral and shall not impose any duty on it to exercise any such powers. Except for the safe custody of any Pledged Collateral in its possession and the accounting for monies actually received by it hereunder, Trustee shall have no duty with respect to any Pledged Collateral in its possession (or in the possession of any agent or bailee)Collateral. Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if the Pledged Collateral is accorded treatment that is substantially equivalent to that which a reasonably prudent person in the industry accords to such property, it takes such action for that purpose as Company reasonably requests in writing, but failure of Trustee to comply with any such request at any time shall not of itself be deemed a failure to exercise reasonable care. It is being expressly agreed that Trustee shall have no responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not Trustee has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral, but Trustee may do so and, subject to Section 15, and all expenses incurred in connection therewith shall be payable by and for the sole account of CompanyPledgor.

Limitation on Duty of Trustee. with Respect to the Pledged Collateral. The powers conferred on Trustee hereunder are solely to protect its interest in the Pledged Collateral and shall not impose any duty on it to exercise any such powers. Except for the safe custody of any Pledged Collateral in its possession and the accounting for monies actually received by it hereunder, Trustee shall have no duty with respect to any Pledged Collateral in its possession (or in the possession of any agent or bailee). Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if it takes such action for that purpose as a Company reasonably requests in writing, but failure of Trustee to comply with any such request at any time shall not of itself be deemed a failure to exercise reasonable care. It is expressly agreed that Trustee shall have no responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not Trustee has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral, but Trustee may do so and, subject to Section 15, all expenses incurred in connection therewith shall be payable by and for the sole account of such Company.