No Duty on Agent. The powers conferred on the Agent, its directors, officers and agents pursuant to this Section 12 are solely to protect the Secured Creditors’ interests in the Collateral and shall not impose any duty upon any of them to exercise any such powers. Each Secured Creditor 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 any Grantor for any act or failure to act, except for such Secured Creditor’s own gross negligence or willful misconduct.
Appears in 6 contracts
Samples: Guarantee and Collateral Agreement (PNG Ventures Inc), Control Agreement (Earth Biofuels Inc), Control Agreement (PNG Ventures Inc)
No Duty on Agent. The powers conferred on the Agent, its directors, officers and agents pursuant to this Section 12 11 are solely to protect the Secured Creditors’ interests in the Collateral and shall not impose any duty upon any of them to exercise any such powers. Each Secured Creditor 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 any Grantor for any act or failure to act, except for such Secured Creditor’s own gross negligence or willful misconductmisconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.
Appears in 3 contracts
Samples: Security Agreement (Avinger Inc), Security Agreement (Avinger Inc), Security Agreement (Durata Therapeutics, Inc.)
No Duty on Agent. The powers conferred on the Agent, its directors, officers and agents pursuant to this Section 12 are solely to protect the Secured Creditors’ interests in the Collateral and shall not impose any duty upon any of them to exercise any such powers. Each Secured Creditor 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 any Grantor for any act or failure to act, except for such Secured Creditor’s own gross negligence or willful misconductmisconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.
Appears in 1 contract
Samples: Guarantee and Collateral Agreement (CareView Communications Inc)
