No Duty on the Secured Party. The powers conferred on the Secured Party hereunder are solely to protect its interests in the Pledged Property and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to any Pledgor for any act or failure to act, except for the Secured Party’s own gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Novo Energies Corp), Security Agreement (New Media Lottery Services Inc)
No Duty on the Secured Party. The powers conferred on the Secured Party hereunder are solely to protect its interests in the Pledged Property Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees employees, or agents shall be responsible to any Pledgor Debtor for any act or failure to act, except for the Secured Party’s 's own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Security Agreement (Gulfstream International Group Inc)
No Duty on the Secured Party. The powers conferred on upon the Secured Party hereunder are solely to protect its interests in the Pledged Property Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to any Pledgor the Debtor for any act or failure to act, except for the Secured Party’s own gross negligence or willful misconduct.
Appears in 1 contract
Samples: Second Lien Security Agreement (Turbosonic Technologies Inc)
