No Duty on Secured Parties’ Part. The powers conferred on the Secured Parties by this Section 5 are solely to protect the Secured Parties’ interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Parties shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Secured Parties nor any of their officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, be responsible to the Debtor for any act or failure to act pursuant to this Section 5.
Appears in 3 contracts
Samples: Security Agreement (Paxton Energy Inc), Security Agreement (Rvision, Inc), Security Agreement (Ethos Environmental, Inc.)
No Duty on Secured Parties’ Part. The powers conferred on the Secured Parties Party Representative by this Section 5 are solely to protect the Secured Parties’ interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Parties Party Representative shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Secured Parties Party Representative nor any of their its officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, be responsible to the Debtor for any act or failure to act pursuant to this Section 5.
Appears in 1 contract
Samples: Security Agreement (Rvision, Inc)
