No Duty on the Part of Security Agent or Secured Parties. The powers conferred on the Security Agent hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Security Agent or any other Secured Party to exercise any such powers; provided, however, that Security Agent shall afford Collateral in its custody with the same degree of care as it affords similar property for its own account. The Security Agent and the other 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. Such appointment as attorney-in-fact must be exercised consistently with the Communications Laws, including, but not limited to, compliance with the FCC’s rules concerning the execution and filing of applications, reports and documents, or other instruments with the FCC. Each Grantor agrees to cooperate in making any required filings, or any filings necessary for the operation of its or its subsidiaries’ businesses, with the FCC and any other Governmental Authority.
Appears in 3 contracts
Samples: Notes Pledge and Security Agreement (Altice USA, Inc.), Notes Pledge and Security Agreement (Altice USA, Inc.), Loans Pledge and Security Agreement (Altice USA, Inc.)
No Duty on the Part of Security Agent or Secured Parties. The powers conferred on the Security Agent hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Security Agent or any other Secured Party to exercise any such powers; provided, however, that Security Agent shall afford Collateral in its custody with the same degree of care as it affords similar property for its own account. The Security Agent and the other 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. Such appointment as attorney-in-fact must be exercised consistently with the Communications Laws, including, but not limited to, compliance with the FCC’s rules concerning the execution and filing of applications, reports and documents, or other instruments with the FCC. Each Grantor agrees to cooperate in making any required filings, or any filings necessary for the operation of its or its subsidiaries’ businesses, with the FCC and any other Governmental Authority.
Appears in 3 contracts
Samples: Loans Pledge and Security Agreement (Altice USA, Inc.), Notes Pledge and Security Agreement (Altice USA, Inc.), Patent Security Agreement (Altice USA, Inc.)
