No Duty on Bank. The powers conferred on the Bank hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Bank 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 Company for any act or failure to act, except for the Bank's own gross negligence or willful misconduct.
Appears in 5 contracts
Samples: Revolving Credit Agreement (Expert Software Inc), Credit Agreement (Eltrax Systems Inc), Security Agreement (Marcam Corp)
No Duty on Bank. The powers conferred on the Bank hereunder under this Agreement are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Bank 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 Company Borrower for any act or failure to act, except for the Bank's ’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Bulova Technologies Group, Inc.), Term Loan Agreement (Bulova Technologies Group, Inc.)
No Duty on Bank. The powers power conferred on the Bank hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Bank 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 Company Borrower for any act or failure to act, except for the Bank's ’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (XCel Brands, Inc.), Security Agreement (XCel Brands, Inc.)
No Duty on Bank. The powers conferred on the Bank hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Bank 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 Company any Grantor for any act or failure to act, except for the Bank's ’s own gross negligence or willful misconduct, as determined by a court of competent jurisdiction by final and nonappealable judgment.
Appears in 1 contract
No Duty on Bank. The powers conferred on the Bank hereunder are --------------- solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Bank 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 Company for any act or failure to act, except for the Bank's own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Security Agreement (DSL Net Inc)
