Common use of No Duty on Agent Clause in Contracts

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor for any act or failure to act, except for the Agent’s own gross negligence or willful misconduct.

Appears in 11 contracts

Samples: Security Agreement (Lydall Inc /De/), Security Agreement (Lydall Inc /De/), Security Agreement (Lydall Inc /De/)

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No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Company for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 6 contracts

Samples: Term Loan Agreement (Bangor Hydro Electric Co), Security Agreement (Genrad Inc), Security Agreement (Marcam Corp)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Lenders in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Company for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 3 contracts

Samples: Amended and Restated Security Agreement (PCD Inc), Amended and Restated Security Agreement (PCD Inc), Amended and Restated Security Agreement (PCD Inc)

No Duty on Agent. The powers conferred on the Agent hereunder ---------------- are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to any of the Guarantor Subsidiaries for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 2 contracts

Samples: Credit Agreement (Jackson Products Inc), Security Agreement (Jackson Products Inc)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor any Company for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 2 contracts

Samples: Security Agreement (Morgan Group Inc), Security Agreement (Rti Capital Corp)

No Duty on Agent. The powers conferred on the Agent hereunder ---------------- are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Company for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 2 contracts

Samples: Security Agreement (Cmgi Inc), Security Agreement (CMG Information Services Inc)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Borrower for any act or failure to act, except for the Agent’s own gross negligence or willful misconduct.

Appears in 2 contracts

Samples: Security Agreement (Lydall Inc /De/), Security Agreement (Lydall Inc /De/)

No Duty on Agent. The powers conferred on the Agent ---------------- hereunder are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Borrower for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 2 contracts

Samples: Credit Agreement (Jackson Products Inc), Security Agreement (Jackson Products Inc)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Lenders in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor any Pledgor for any act or failure to act, except for the Agent’s own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Revolving Credit Agreement (SeaCube Container Leasing Ltd.)

No Duty on Agent. The powers conferred on the Agent agent hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Company for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Security Agreement (Mac-Gray Corp)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the Agent's interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees employees, agents or agents representatives shall be responsible to the Guarantor Grantor for any act or failure to act, except for the Agent’s its own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Security Agreement (Interpool Inc)

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No Duty on Agent. The powers conferred on the Agent hereunder ---------------- are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Borrower for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Security Agreement (National Restaurant Enterprises Holdings Inc)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Holders in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Borrowers for any act or failure to act, except for the Agent’s ’ s own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Security Agreement (Hawaii Parking Maintenance Inc)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Canadian Security Agreement (Rti Capital Corp)

No Duty on Agent. The powers conferred on the Agent hereunder ---------------- are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor AmeriKing for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Security Agreement (National Restaurant Enterprises Holdings Inc)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to any of the Guarantor Companies for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Security Agreement (Charlotte Russe Holding Inc)

No Duty on Agent. The powers conferred on the Agent hereunder are solely to protect its the interests of the Agent and the Institutions in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor any Company for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Amended and Restated Security Agreement (Finlay Fine Jewelry Corp)

No Duty on Agent. The powers conferred on the Agent ---------------- hereunder are solely to protect its the interests of the Agent and the Banks in the Collateral and shall not impose any duty upon it the Agent to exercise any such powers. The Agent shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, powers and neither it nor any of its officers, directors, employees or agents shall be responsible to the Guarantor Holdings for any act or failure to act, except for the Agent’s 's own gross negligence or willful misconduct.

Appears in 1 contract

Samples: Security Agreement (National Restaurant Enterprises Holdings Inc)

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