No Duty on Collateral Agent’s Part. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's interests in the Collateral for the pro rata benefit of the Holders and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for 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 Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
Appears in 4 contracts
Samples: Pledge and Security Agreement (Emagin Corp), Pledge and Security Agreement (Emagin Corp), Pledge and Security Agreement (Emagin Corp)
No Duty on Collateral Agent’s Part. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's ’s interests in the Collateral for the pro rata ratable benefit of the Holders and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for 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 Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
Appears in 3 contracts
Samples: Patent and Trademark Security Agreement (Emagin Corp), Patent and Trademark Security Agreement (Emagin Corp), Patent and Trademark Security Agreement (Emagin Corp)
No Duty on Collateral Agent’s Part. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's interests in the Collateral for the pro rata benefit of the Holders and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for 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 such Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
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No Duty on Collateral Agent’s Part. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's ’s and Lenders' interests in the Collateral for the pro rata benefit of the Holders and shall not impose any duty upon the Collateral Agent it to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it the Collateral Agent, the Lenders nor any of its their officers, directors, employees or agents shall be responsible to the Grantor Borrower for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
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No Duty on Collateral Agent’s Part. The powers conferred on the ---------------------------------- Collateral Agent hereunder are solely to protect the Collateral Agent's interests in the Collateral for the pro rata benefit of the Holders and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for 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 Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Patent and Trademark Security Agreement (Cephalon Inc)
No Duty on Collateral Agent’s Part. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's ’s and Lenders’ interests in the Collateral for the pro rata benefit of the Holders and shall not impose any duty upon the Collateral Agent it to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it the Collateral Agent, the Lenders nor any of its their officers, directors, employees or agents shall be responsible to the Grantor Borrower for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
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