Common use of No Assumption of Duties; Reasonable Care Clause in Contracts

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment.

Appears in 9 contracts

Samples: Pledge and Security Agreement (Carrier1 International S A), Collateral Pledge and Security Agreement (Allegiance Telecom Inc), Collateral Pledge and Security Agreement (Allegiance Telecom Inc)

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No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or in the Indenture or imposed under applicable law. Except as provided by herein, by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the any Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee itself for its own account, it being understood that the Trustee Trustee, in its capacity as such such, shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment. Without limiting any rights of the Trustee hereunder, the rights and limitations upon the liability of the Trustee set forth in Article 5 of the Indenture are expressly incorporated herein and made a part hereof and shall extend to the role of the Trustee as Pledged Securities Intermediary.

Appears in 5 contracts

Samples: Pledge Agreement (Nektar Therapeutics), Pledge Agreement (Nektar Therapeutics), Pledge Agreement (Nektar Therapeutics)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee Collateral Agent hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes Secured Parties in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties or obligations on the Trustee Collateral Agent in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee Collateral Agent accords similar property held by the Trustee Collateral Agent for its own account, it being understood that the Trustee Collateral Agent in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee Collateral Agent has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment.

Appears in 5 contracts

Samples: Pledge and Collateral Agreement (Viropharma Inc), Security and Escrow Agreement (Aventine Renewable Energy Holdings Inc), Collateral Pledge and Security Agreement (Mg Waldbaum Co)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee for its benefit and the ratable benefit of the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties duty on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable lawto exercise any such powers. Except as provided for the safe custody of any Collateral in its possession and the accounting for moneys actually received by applicable law or by the Indentureit hereunder, the Trustee shall be deemed have no duty as to have exercised reasonable care in the custody and preservation of the any Collateral in its possession if the Collateral is accorded treatment substantially equal as to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (bii) taking of any necessary steps to preserve rights against any parties with respect or any other rights pertaining to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment. The Trustee shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property. The Trustee shall be entitled to all the rights, benefits, privileges and immunities accorded to it under the Indenture.

Appears in 4 contracts

Samples: Pledge Agreement (Serena Software Inc), Pledge Agreement (Mgi Pharma Inc), Pledge Agreement (Regeneron Pharmaceuticals Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of Collateral. The Trustee shall be entitled to all the Collateral or any loss on any investmentrights, benefits, privileges and immunities accorded to it under the Indenture.

Appears in 4 contracts

Samples: Security Agreement (East Coast Power LLC), Security Agreement (East Coast Power LLC), Mesquite Security Agreement (East Coast Power LLC)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee Pledgee hereunder are solely being granted in order to preserve and protect the Pledgee's security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and and, except for the use of reasonable care in the custody of any Pledge Collateral in its possession, shall not be interpreted to, and shall not not, impose any duties on the Trustee Pledgee in connection therewith other than those expressly provided herein or imposed under applicable lawtherewith. Except as provided by applicable law or by the Indenture, the Trustee The Pledgee 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 substantially equal to that which the Trustee Pledgee accords similar property held by the Trustee for its own accountproperty, it being understood that the Trustee in its capacity as such Pledgee shall not have any responsibility for for: (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Trustee has Pledgee have or is are deemed to have knowledge of such matters, matters or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentPledged Collateral. 10.

Appears in 3 contracts

Samples: Stock Pledge Agreement (Phoenix Group Corp), Stock Pledge Agreement (Phoenix Group Corp), Stock Pledge Agreement (Phoenix Group Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or in the Indenture or imposed under applicable law. Except as provided herein, by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the any Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee itself for its own account, it being understood that the Trustee Trustee, in its capacity as such such, shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment. Without limiting any rights of the Trustee hereunder, the rights and limitations upon the liability of the Trustee set forth in Article VI of the Indenture are expressly incorporated herein and made a part hereof and shall extend to the role of the Trustee as Pledged Securities Intermediary.

Appears in 3 contracts

Samples: Pledge Agreement (Global Crossing LTD), Pledge Agreement (Medarex Inc), Pledge Agreement (Medarex Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or Collateral, provided, however, that nothing contained in this Pledge Agreement shall relieve the Trustee of any loss on any investmentresponsibilities as a securities intermediary under applicable law.

Appears in 2 contracts

Samples: Collateral Pledge and Security Agreement (Teligent Inc), Collateral Pledge and Security Agreement (Teligent Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee Trustee's and the Holders Holders' of the Notes security interest in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenturelaw, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that that, except as expressly set forth herein, the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentCollateral.

Appears in 2 contracts

Samples: Collateral Pledge and Security Agreement (RSL Communications PLC), Collateral Pledge and Security Agreement (RSL Communications PLC)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in Securities Intermediary undertake to perform only those duties that are specifically set forth herein. This Security Agreement does not, and to the Collateral granted hereby and shall may not be interpreted to, and shall not impose any implied duties or obligations on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable laweither of them. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if the Trustee accords the Pledged Collateral is accorded treatment substantially equal similar to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (cii) investing or reinvesting any of the Collateral Pledged Collateral, or (iii) any loss on any investment.

Appears in 2 contracts

Samples: Security and Control Agreement (Waterford Gaming LLC), Security and Control Agreement (Waterford Gaming Finance Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the 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 substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Pledged Collateral or any loss on any investment; PROVIDED, HOWEVER, that nothing contained in this Pledge Agreement shall relieve the Trustee of any responsibilities as a securities intermediary under applicable law.

Appears in 2 contracts

Samples: Pledge Agreement (Pathnet Telecommunications Inc), Pledge Agreement (Pathnet Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee and Escrow Agent hereunder are solely being granted in order to preserve and protect the Trustee's and the holders' of Notes security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee and Escrow Agent in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee and Escrow Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such and Escrow Agent shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee or Escrow Agent has or is deemed to have knowledge of such matters, matters or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentCollateral.

Appears in 2 contracts

Samples: Escrow Agreement (Versatel Telecom Bv), Escrow Agreement (Versatel Telecom International N V)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee granted to Buyers hereunder are solely being granted in order to preserve and protect the Buyers’ security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee Buyers in connection therewith other than those expressly provided herein or imposed under applicable lawexcept the duty to exercise reasonable care in the custody and preservation of the Pledged Collateral in its possession. Except as provided by applicable law or by the Indenture, the Trustee Buyers 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 substantially equal to that which the Trustee Buyers accords similar property held by the Trustee for its own accountproperty, it being understood that the Trustee in its capacity as such Buyers shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Trustee has Buyers have or is are deemed to have knowledge of such matters, matters or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentPledged Collateral.

Appears in 2 contracts

Samples: Pledge Agreement (General Finance CORP), Agreement and Plan of Merger (General Finance CORP)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on on, the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or Collateral, provided, however, that nothing contained in this Pledge Agreement shall relieve the Trustee of any loss on any investmentresponsibilities as a Securities Intermediary under applicable law.

Appears in 2 contracts

Samples: Collateral Pledge and Security Agreement (Birch Telecom Inc /Mo), Collateral Pledge and Security Agreement (Startec Global Holdings Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Trustee in connection therewith shall have no duty as to any Collateral, (a) as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other than those expressly provided herein matters relative to any Collateral, whether or imposed under applicable lawnot the Trustee or any Holder of the Notes has or is deemed to have knowledge of such matters, (b) as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral or (c) as to investing or reinvesting any of the Collateral or any loss on any investment. Except as provided by applicable law or by the Indenture, the The Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the any Collateral in its possession if the such Collateral is accorded treatment substantially equal to that which the Trustee it accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentproperty.

Appears in 2 contracts

Samples: Collateral Pledge and Security Agreement (Osi Pharmaceuticals Inc), Collateral Pledge and Security Agreement (Osi Pharmaceuticals Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee Collateral Agent hereunder are solely being granted in order to preserve and protect the Collateral Agent's security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee Collateral Agent or any of the Lenders to the Pledgor in connection therewith other than those expressly provided herein or imposed under applicable lawtherewith. Except as provided by applicable law or by the Indenture, the Trustee The Collateral Agent 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 substantially equal to that which the Trustee Collateral Agent accords similar property held by the Trustee for its own accountproperty, it being understood that the Trustee in its capacity as such Collateral Agent shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Trustee Collateral Agent or any of the Lenders has or is deemed to have knowledge of such matters, or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentPledged Collateral.

Appears in 2 contracts

Samples: Borrower Pledge Agreement (Geotek Communications Inc), Borrower Pledge Agreement (Hughes Electronics Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee and the Tri-State Securities Intermediary hereunder are solely being granted in order to preserve preserve, perfect and protect the security interest of the Trustee for its benefit and the ratable benefit of the Holders of the Notes in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee or the Tri-State Securities Intermediary in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the 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 substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Pledged Collateral or any loss on any investment.

Appears in 1 contract

Samples: Pledge Agreement (Tri State Outdoor Media Group Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and for the ratable benefit of the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties duty on the Trustee in connection therewith to exercise any such powers other than those expressly provided herein or imposed under by applicable law. Except as provided otherwise set forth in the Indenture and except as necessary for the safe custody of any Collateral in its possession and the accounting for moneys actually received by applicable law or by the Indentureit hereunder, the Trustee shall be deemed have no duty as to have exercised reasonable care in the custody and preservation of the any Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining ascertain or taking take action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, ; (bii) taking take any necessary steps to preserve rights against any parties with respect or any other rights pertaining to any Collateral Collateral; or (ciii) except as otherwise set forth in Section 6 hereof, investing or reinvesting any of the Collateral or any loss on any investment. The Trustee shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Trustee accords its own property. The Trustee shall be entitled to all the rights, benefits, privileges and immunities accorded to it under the Indenture.

Appears in 1 contract

Samples: Pledge Agreement (Ligand Pharmaceuticals Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee and Collateral Agent hereunder are solely being granted in order to preserve and protect the Trustee's and the holders' of Notes security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee and Collateral Agent in connection therewith other than those expressly provided herein or specifically imposed under applicable lawhereunder. Except as provided by applicable law or by the Indenture, the The Trustee and Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords and the Collateral Agent accord similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such and Collateral Agent shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee or Collateral Agent has or is deemed to have knowledge of such matters, (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (ciii) investing filing any financing or reinvesting continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral or any loss on any investmentCollateral.

Appears in 1 contract

Samples: Collateral Agreement (Cybernet Internet Services International Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes Securities in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee or the Securities Intermediary in connection therewith therewith, other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the 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 substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Pledged Collateral or any loss on any investment.

Appears in 1 contract

Samples: Security Agreement (Bell Atlantic Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (Powertel Inc /De/)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on on, the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or Collateral; provided, however, that nothing contained in this Pledge Agreement shall relieve the Trustee of any loss on any investmentresponsibilities as a securities intermediary under applicable law.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (World Access Inc /New/)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of Collateral. The Trustee shall be entitled to all the rights, benefits, privileges and immunities accorded to it under the Indenture solely as it relates to the Collateral or any loss on any investmentand subject to Section 25.

Appears in 1 contract

Samples: Calpers Security Agreement (East Coast Power LLC)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee or the Securities Intermediary in connection therewith therewith, other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the 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 substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Pledged Collateral or any loss on any investment.

Appears in 1 contract

Samples: Security Agreement (Metromedia Fiber Network Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenturelaw, the 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 substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Pledged Collateral or any loss on any investment; provided, however, that nothing contained in this Agreement shall relieve the Trustee of any responsibilities as a securities intermediary under applicablc law.

Appears in 1 contract

Samples: Pledge Agreement (Earthwatch Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein herein, in the Indenture or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment. The Trustee may reasonably rely on the written instructions of the Issuer without any further investigation on its part. Furthermore, the Trustee assumes no responsibility for the validity of the Pledged Securities nor the sufficiency of such Pledged Securities to cover the payment of the Obligations.

Appears in 1 contract

Samples: Escrow and Security Agreement (Kitty Hawk Inc)

No Assumption of Duties; Reasonable Care. {TC} The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Cash Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Cash Collateral in its possession if the Cash Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Cash Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Cash Collateral or (c) investing or reinvesting any of the Cash Collateral or any loss on any investment.

Appears in 1 contract

Samples: Pledge Agreement (Xm Satellite Radio Inc)

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No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the Trustee's and the Holders' of Notes security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenturelaw, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentCollateral.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (MGC Communications Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the granted to Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee Trustee's and the Holders Holders' of the Notes Securities Lien in and to the Escrow Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Escrow Collateral in its possession if the Escrow Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Escrow Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting Escrow Collateral; provided, however, that nothing contained in this Agreement -------- ------- shall relieve Trustee of any of the Collateral or any loss on any investmentresponsibilities as a Securities Intermediary under applicable law.

Appears in 1 contract

Samples: Escrow Agreement (Equinix Inc)

No Assumption of Duties; Reasonable Care. (a) The rights and powers conferred on the Trustee Escrow Agent hereunder are solely to preserve and protect the security interest of the Trustee Escrow Agent and the Holders of the Notes Secured Parties in and to the Collateral granted hereby and shall not be interpreted to, to and shall not impose any duties on the Trustee Escrow Agent in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the IndentureSettlement Agreements, the Trustee Escrow Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee Escrow Agent accords similar property held by the Trustee Escrow Agent for its own account, it being understood that the Trustee Escrow Agent in its capacity as such shall not have any responsibility for for: (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee Escrow Agent has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral Collateral, or (c) investing or reinvesting any of the Collateral or any loss on any investmentinvestment (other than pursuant to Section 5 hereof).

Appears in 1 contract

Samples: Settlement Agreement (Wellcare Management Group Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee Collateral Agent or the Trustees hereunder are solely being granted in order to preserve and protect the Collateral Agent's Liens and security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee Collateral Agent or the Trustees in connection therewith other than those expressly provided herein or imposed under applicable lawtherewith. Except as provided by applicable law or by Each of the Indenture, Collateral Agent and the Trustee Trustees shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Collateral Agent or such Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such Collateral Agent and the Trustees shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee has Collateral Agent or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment.either Trustee

Appears in 1 contract

Samples: Company Convertible Note Security and Pledge Agreement (PLD Telekom Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee Trustee's and the Holders Holders' of the Notes security interest in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenturelaw, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentCollateral.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (Orionnet Finance Corp)

No Assumption of Duties; Reasonable Care. The ---------------------------------------- rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the Trustee's and the Holders' of Notes security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenturelaw, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentCollateral.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (Global Broadcasting Systems Inc/Fa)

No Assumption of Duties; Reasonable Care. The rights ---------------------------------------- and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the Trustee's and the Holders' of Notes security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenturelaw, the 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 substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (bii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral or (ciii) investing or reinvesting any of the Collateral Pledged Collateral. The Trustee shall be authorized to invest any Cash Collateral, or any loss other cash that may be on any investmentdeposit in the Interest Escrow Account from time to time, on an overnight basis, in Temporary Cash Investments selected by the Company.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (Trans World Airlines Inc /New/)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to establish, preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, to and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as expressly provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentCollateral.

Appears in 1 contract

Samples: Pledge and Security Agreement (Bti Telecom Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to establish, preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, to and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentCollateral.

Appears in 1 contract

Samples: Escrow and Security Agreement (Caprock Communications Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) subject to Section 1304 of the Indenture, investing or reinvesting any of the Collateral or any loss on any investment. The Trustee shall be entitled to all the rights, benefits, privileges and immunities accorded to it under the Indenture.

Appears in 1 contract

Samples: Common Security Agreement (East Coast Power LLC)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee Pledgee hereunder are solely being granted in order to preserve and protect the Pledgee's security interest of the Trustee and the Holders of the Notes in and to the Pledged Collateral granted hereby and and, except for the use of reasonable care in the custody of any Pledge Collateral in its possession, shall not be interpreted to, and shall not not, impose any duties on the Trustee Pledgee in connection therewith other than those expressly provided herein or imposed under applicable lawtherewith. Except as provided by applicable law or by the Indenture, the Trustee The Pledgee 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 substantially equal to that which the Trustee Pledgee accords similar property held by the Trustee for its own accountproperty, it being understood that the Trustee in its capacity as such Pledgee shall not have any responsibility for for: (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Trustee has Pledgee have or is are deemed to have knowledge of such matters, matters or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investmentPledged Collateral. SECTION 10.

Appears in 1 contract

Samples: Stock Pledge Agreement (Phoenix Group Corp)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment. The Trustee shall be entitled to all the rights, benefits, privileges and immunities accorded to it under the Indenture.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (KMC Telecom Holdings Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the granted to Trustee hereunder are solely being granted in order to preserve and protect Trustee's and the Holders' of Securities security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, 20 conversions, exchanges, maturities maturities, tenders or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting Collateral; provided, however, that nothing contained in this Agreement shall relieve Trustee of any of the Collateral or any loss on any investmentresponsibilities as a securities intermediary under applicable law.

Appears in 1 contract

Samples: Escrow Agreement (Hermes Europe Railtel B V)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on granted to the Trustee hereunder are solely being granted in order to preserve and protect the security interest of the Trustee and the Holders of the Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) except as provided in Section 4 hereof, ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (Econophone Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Senior Notes in and to the Collateral granted hereby and shall not be interpreted to, and shall not impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own account, it being understood that the Trustee in its capacity as such shall not have any responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting any of the Collateral or any loss on any investment.

Appears in 1 contract

Samples: Pledge Agreement (Leap Wireless International Inc)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the Trustee hereunder are solely to preserve and protect the security interest of the Trustee and the Holders of the Notes in Securities Intermediary undertake to perform only those duties that are specifically set forth herein. This Security Agreement does not, and to the Collateral granted hereby and shall may not be interpreted to, and shall not impose any implied duties or obligations on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable laweither of them. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if the Trustee accords the Pledged Collateral is accorded treatment substantially equal similar to that which the Trustee accords similar property held by the Trustee for its own accountsimilar accounts, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relative to any Pledged Collateral, whether or not the Trustee has or is deemed to have knowledge of such those matters, (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (cii) investing or reinvesting any of the Collateral Pledged Collateral, or (iii) any loss on any investment.

Appears in 1 contract

Samples: Security and Control Agreement (Waterford Gaming LLC)

No Assumption of Duties; Reasonable Care. The rights and powers conferred on the granted to Trustee hereunder are solely being granted in order to preserve and protect Trustee's and the Holders' of Securities security interest of the Trustee and the Holders of the Notes in and to the Escrow Collateral granted hereby and shall not be interpreted to, and shall not not, impose any duties on the Trustee in connection therewith other than those expressly provided herein or imposed under applicable law. Except as provided by applicable law or by the Indenture, the Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Escrow Collateral in its possession if the Escrow Collateral is accorded treatment substantially equal to that which the Trustee accords similar property held by the Trustee for its own accountin similar situations, it being understood that the Trustee in its capacity as such shall not have any responsibility for (ai) ascertaining or taking action with respect to calls, conversions, exchanges, maturities maturities, tenders or other matters relative to any Escrow Collateral, whether or not the Trustee has or is deemed to have knowledge of such matters, matters or (bii) taking any necessary steps to preserve rights against any parties with respect to any Collateral or (c) investing or reinvesting Escrow Collateral; provided, however, that nothing contained in this Agreement shall relieve Trustee of any of the Collateral or any loss on any investmentresponsibilities as a securities intermediary under applicable law.

Appears in 1 contract

Samples: Escrow Agreement (Global Telesystems Group Inc)

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