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

No Assumption of Duties; Reasonable Care. The rights and powers granted to the Senior Notes Collateral Agent hereunder are being granted in order to preserve and protect the Senior Notes Collateral Agent's and the Holders' security interest in and to the Senior Notes Pledged Collateral granted hereby and shall not be interpreted to, and shall not, impose any duties on the Senior Notes Collateral Agent in connection therewith. Further, the rights and powers granted to the Senior Notes Collateral Agent hereunder are being granted in order to permit the Senior Notes Collateral Agent to hold the Senior Notes Pledged Collateral for the Price Note Collateral Agent, in order to perfect the security interest in the Senior Notes Pledged Collateral for the Price Note Collateral Agent under the Price Note Pledge Agreement. The Senior Notes Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Senior Notes Pledged Collateral in its possession if the Senior Notes Pledged Collateral is accorded treatment substantially equal to that which the Senior Notes Collateral Agent accords its own property, it being understood that the Senior Notes Collateral Agent shall not have any responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Senior Notes Pledged Collateral, whether or not the Senior Notes Collateral Agent 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 Senior Notes Pledged Collateral.

Appears in 2 contracts

Samples: Indenture (Excel Legacy Corp), Indenture (Excel Legacy Corp)

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No Assumption of Duties; Reasonable Care. The rights and ---------------------------------------- powers granted to the Senior Notes Collateral Agent Trustee hereunder are being granted in order to preserve and protect the Senior Notes Collateral Agent's security interest of the Trustee and the Holders' security interest Holders of the Notes in and to the Senior Notes Pledged Initial Collateral and the Subsequent Collateral granted hereby and shall not be interpreted to, and shall not, not impose any duties on the Senior Notes Collateral Agent Trustee in connection therewiththerewith other than those expressly provided herein or imposed under applicable law. FurtherExcept as provided by applicable law or by the Indenture, the rights and powers granted to the Senior Notes Collateral Agent hereunder are being granted in order to permit the Senior Notes Collateral Agent to hold the Senior Notes Pledged Collateral for the Price Note Collateral Agent, in order to perfect the security interest in the Senior Notes Pledged Collateral for the Price Note Collateral Agent under the Price Note Pledge Agreement. The Senior Notes Collateral Agent Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Senior Notes Pledged Initial Collateral and the Subsequent Collateral in its possession if the Senior Notes Pledged Initial Collateral and the Subsequent Collateral is accorded treatment substantially equal to that which the Senior Notes Collateral Agent Trustee accords its own propertysimilar property held by the Trustee for similar accounts, it being understood that the Senior Notes Collateral Agent Trustee in its capacity as such shall not have any responsibility for (ia) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders maturities or other matters relative to any Senior Notes Pledged Initial Collateral or Subsequent Collateral, whether or not the Senior Notes Collateral Agent Trustee has or is deemed to have knowledge of such matters, or (iib) taking any necessary steps to preserve rights against any parties with respect to any Senior Notes Pledged Initial Collateral or Subsequent Collateral, (c) investing or reinvesting any of the Initial Collateral or the Subsequent Collateral or (d) the validity, sufficiency or priority of the Initial Collateral or Subsequent Collateral or the perfection or the maintenance of the perfection of any security interest granted hereby, provided, however, that nothing contained in this Pledge Agreement shall relieve the Trustee of any responsibilities as a securities intermediary under applicable law. In no event shall the Trustee have any liability to the Pledgor or any other person for investing the funds from time to time in the Initial Escrow and Pledge Account, the Cash Collateral Account or the Subsequent Collateral Investments Account in accordance with the provisions of this Pledge Agreement, regardless of whether greater income or a higher yield could have been obtained had the Trustee invested such funds in different investments, or for any loss associated with the sale or liquidation of such investments in accordance with the terms of this Pledge Agreement. The rights and limits of liability afforded to the Trustee under the Indenture shall apply to its role hereunder as if fully stated herein.

Appears in 1 contract

Samples: Pledge and Escrow Agreement (American Cellular Corp /De/)

No Assumption of Duties; Reasonable Care. The rights and powers granted to the Senior Notes Price Note Collateral Agent hereunder are being granted in order to preserve and protect the Senior Notes Price Note Collateral Agent's and the Holders' security interest in and to the Senior Notes Price Note Pledged Collateral granted hereby and shall not be interpreted to, and shall not, impose any duties on the Senior Notes Price Note Collateral Agent in connection therewith. Further, the rights and powers granted to the Senior Notes Collateral Agent hereunder are being granted in order to permit the Senior Notes Collateral Agent to hold the Senior Notes Pledged Collateral for the The Price Note Collateral Agent, in order to perfect the security interest in the Senior Notes Pledged Collateral for the Price Note Collateral Agent under the Price Note Pledge Agreement. The Senior Notes Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Senior Notes Price Note Pledged Collateral in its possession if the Senior Notes Price Note Pledged Collateral is accorded treatment substantially equal to that which the Senior Notes Price Note Collateral Agent accords its own property, it being understood that the Senior Notes Price Note Collateral Agent shall not have any responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Senior Notes Price Note Pledged Collateral, whether or not the Senior Notes Price Note Collateral Agent 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 Senior Notes Price Note Pledged Collateral.

Appears in 1 contract

Samples: Note Purchase Agreement (Excel Legacy Corp)

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No Assumption of Duties; Reasonable Care. The rights and powers granted to the Senior Notes Debentures Collateral Agent hereunder are being granted in order to preserve and protect the Senior Notes Debentures Collateral Agent's and the Holders' security interest in and to the Senior Notes Debentures Pledged Collateral granted hereby and shall not be interpreted to, and shall not, impose any duties on the Senior Notes Debentures Collateral Agent in connection therewith. Further, the rights and powers granted to the Senior Notes Debentures Collateral Agent hereunder are being granted in order to permit the Senior Notes Debentures Collateral Agent to hold the Senior Notes Debentures Pledged Collateral for the Price Note Collateral Agent, in order to perfect the security interest in the Senior Notes Debentures Pledged Collateral for the Price Note Collateral Agent under the Price Note Pledge Agreement. The Senior Notes Debentures Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Senior Notes Debentures Pledged Collateral in its possession if the Senior Notes Debentures Pledged Collateral is accorded treatment substantially equal to that which the Senior Notes Debentures Collateral Agent accords its own property, it being understood that the Senior Notes Debentures Collateral Agent shall not have any responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Senior Notes Debentures Pledged Collateral, whether or not the Senior Notes Debentures Collateral Agent 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 Senior Notes Debentures Pledged Collateral.

Appears in 1 contract

Samples: Indenture (Excel Legacy Corp)

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