No Duty on the Part of Collateral Agent or Secured Parties. The powers conferred on the Revolving Collateral Agent hereunder are solely to protect the interests of the Revolving Secured Parties in the Collateral and Mortgaged Property and shall not impose any duty upon the Revolving Collateral Agent, the Revolving Administrative Agent or any other Revolving Secured Party to exercise any such powers. The Revolving Collateral Agent, the Revolving Administrative Agent and the other Revolving Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment).
Appears in 2 contracts
Samples: Revolving Credit and Guaranty Agreement (REV Group, Inc.), Revolving Credit and Guaranty Agreement (REV Group, Inc.)
No Duty on the Part of Collateral Agent or Secured Parties. The powers conferred on the Revolving Collateral Agent hereunder are solely to protect the interests of the Revolving Secured Parties in the Collateral and Mortgaged Property and shall not impose any duty upon the Revolving Collateral Agent, the Revolving Administrative Agent or any other Revolving Secured Party to exercise any such powers. The Revolving Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral Agent, in its possession is to comply with Section 9-207 of the Revolving Administrative UCC. The Collateral Agent and the other Revolving Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence negligence, bad faith or willful misconduct (as determined by a final, non-appealable judgment of a court of competent jurisdiction in a final non-appealable judgment)jurisdiction.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Alpha Metallurgical Resources, Inc.), Pledge and Security Agreement (Contura Energy, Inc.)
No Duty on the Part of Collateral Agent or Secured Parties. The powers conferred on the Revolving Collateral Agent hereunder are solely to protect the interests of the Revolving Secured Parties in the Collateral and Mortgaged Property and shall not impose any duty upon the Revolving Collateral Agent, the Revolving Administrative Agent or any other Revolving Secured Party to exercise any such powers. The Revolving Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Revolving Administrative Collateral in its possession is to comply with Section 9-207 of the UCC. The Collateral Agent and the other Revolving Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence negligence, bad faith or willful misconduct (as determined by a final, non-appealable judgment of a court of competent jurisdiction in a final non-appealable judgment)jurisdiction.
Appears in 1 contract
Samples: Pledge and Security Agreement (Contura Energy, Inc.)
