No Duty on Secured Party’s Part. The powers ------------------------------- conferred on the Secured Party hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon the Secured Party to exercise any such powers. The Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers. None of the Secured Party's officers, directors, employees or agents shall be responsible to the Pledgor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
Appears in 4 contracts
Samples: T) Security Agreement (Guest Supply Inc), Security Agreement (Guest Supply Inc), Credit and Term Loan Agreement (Guest Supply Inc)
No Duty on Secured Party’s Part. The powers ------------------------------- conferred on the Secured Party hereunder are solely to protect its the Secured Party’s interests in the Collateral and shall not impose any duty upon the Secured Party to exercise any such powers. The Secured Party shall be accountable only for amounts that it they actually receives as a result of the exercise of such powers. None , and neither they nor any of the Secured Party's their officers, directors, employees or agents shall be responsible to the Pledgor Debtor for any act or failure to act hereunder, except for their its own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Edac Technologies Corp), Security Agreement (Iwt Tesoro Corp)
No Duty on Secured Party’s Part. The powers ------------------------------- conferred on the Secured Party hereunder by this Section 3 are solely to protect its interests Secured Party’s interest in the Collateral and shall do not impose any duty upon the Secured Party it to exercise any such powers. The Secured Party shall will be accountable only for amounts that it actually receives as a result of the exercise of such powers. None , and neither Secured Party nor any of the Secured Party's their officers, directors, employees or agents shall will, in the absence of willful misconduct or gross negligence, be responsible to the Pledgor for any act or failure to act hereunder, except for their own gross negligence or willful misconductpursuant to this Section 3.
Appears in 2 contracts
Samples: Security Agreement (Youngevity International, Inc.), Security Agreement (Youngevity International, Inc.)
No Duty on Secured Party’s Part. The powers ------------------------------- conferred on the Secured Party hereunder are solely to protect its the Secured Party's interests in the Collateral and shall not impose any duty upon the Secured Party it to exercise any such powers. The Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers. None , and neither it nor any of the Secured Party's its officers, directors, employees or agents shall be responsible to the Pledgor Debtor for any act or failure to act hereunder, except for their its own willful misconduct or gross negligence or willful misconductnegligence.
Appears in 1 contract
Samples: Master Agreement (Sonoma Systems)
