No Duty on Secured Party’s Part. The powers conferred on Secured Party by this Section 5 are solely to protect Secured Party’s interests in the Collateral and shall not impose any duty upon it to exercise any such powers. Secured Party shall be accountable only for amounts that he actually receives as a result of the exercise of such powers, and neither Secured Party nor any of his employees or agents shall, in the absence of willful misconduct or gross negligence, be responsible to Debtor for any act or failure to act pursuant to this Section 5.
Appears in 3 contracts
Samples: Purchase Agreement (Environmental Tectonics Corp), Purchase Agreement (Environmental Tectonics Corp), Security Agreement (Environmental Tectonics Corp)
No Duty on Secured Party’s Part. The powers conferred on the ----------------------------------- Secured Party by this Section 5 4 are solely to protect the Secured Party’s 's interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for amounts that he actually receives as a result of the exercise of such powersand its officers, and neither Secured Party nor any of his directors, employees or agents shall, in the absence of willful misconduct or gross negligence, not be responsible to the Debtor for any act or failure to act pursuant to this Section 54.
Appears in 2 contracts
Samples: Security Agreement (Positron Corp), Security Agreement (Positron Corp)
No Duty on Secured Party’s Part. The powers conferred on Secured Party by this Section 5 3 are solely to protect Secured Party’s interests interest in the Collateral and shall do not impose any duty upon it to exercise any such powers. Secured Party shall will be accountable only for amounts that he it actually receives as a result of the exercise of such powers, and neither Secured Party nor any of his their officers, directors, employees or agents shallwill, in the absence of willful misconduct or gross negligence, be responsible to Debtor for any act or failure to act pursuant to this Section 53.
Appears in 2 contracts
Samples: Line of Credit Agreement (Boxlight Corp), Security Agreement (Protea Biosciences Group, Inc.)
No Duty on Secured Party’s Part. The powers conferred on the Secured Party by this Section 5 4 are solely to protect the Secured Party’s 's interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for amounts that he actually receives as a result of the exercise of such powersand its officers, and neither Secured Party nor any of his directors, employees or agents shall, in the absence of willful misconduct or gross negligence, not be responsible to the Debtor for any act or failure to act pursuant to this Section 54.
Appears in 2 contracts
Samples: Security Agreement (Positron Corp), Security Agreement (Positron Corp)
No Duty on Secured Party’s Part. The powers conferred on Secured Party and the Collateral Agent by this Section 5 4 are solely to protect Secured Party’s interests interest in the Collateral and shall do not impose any duty upon it to exercise any such powers. Secured Party shall will be accountable only for amounts that he it actually receives as a result of the exercise of such powers, and neither Secured Party nor any of his their officers, directors, employees or agents shallwill, in the absence of willful misconduct or gross negligence, be responsible to Debtor Pledgor for any act or failure to act pursuant to this Section 54.
Appears in 2 contracts
Samples: Security Agreement (Medite Cancer Diagnostics, Inc.), Security Agreement (Medite Cancer Diagnostics, Inc.)
No Duty on Secured Party’s Part. The powers conferred on Secured Party by this Section 5 4 are solely to protect Secured Party’s interests interest in the Collateral and shall do not impose any duty upon it to exercise any such powers. Secured Party shall will be accountable only for amounts that he it actually receives as a result of the exercise of such powers, and neither Secured Party nor any of his its officers, directors, employees or agents shallwill, in the absence of willful misconduct or gross negligence, be responsible to Debtor for any act or failure to act pursuant to this Section 54.
Appears in 1 contract
Samples: Security Agreement (Siricomm Inc)
No Duty on Secured Party’s Part. The powers conferred on the Secured Party by this Section 5 are solely to protect the Secured Party’s interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for amounts that he it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of his their officers, directors, employees or agents shall, in the absence of negligence, 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
No Duty on Secured Party’s Part. The powers conferred on the Secured Party by this Section 5 are solely to protect the Secured Party’s interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for amounts that he it actually receives as a result of the exercise of such powers, and neither the Secured Party nor its general partner or any of his the general partner’s managers, 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: Master Loan and Security Agreement (North Bay Resources Inc)
