No Duty on the 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 it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of its 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 20 contracts
Samples: Blanket Security Agreement (Genesys Industries, Inc.), Security Agreement (Digital Lightwave Inc), Security Agreement (Digital Lightwave Inc)
No Duty on the Secured Party’s Part. The powers conferred on the Secured Party by this Section 5 4 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 it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of its 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 54.
Appears in 11 contracts
Samples: Security Agreement (Digital Lightwave Inc), Security Agreement (Digital Lightwave Inc), Security Agreement (Digital Lightwave Inc)
No Duty on the 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 it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of its 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 54.
Appears in 3 contracts
Samples: Security Agreement (Digital Lightwave Inc), Security Agreement (Digital Lightwave Inc), Security Agreement (Zwan Bryan J)
No Duty on the Secured Party’s Part. The powers conferred on the Secured Party by this Section 5 4 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 it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of its officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, shall be responsible to the Debtor for any act or failure to act pursuant to this Section 54.
Appears in 2 contracts
Samples: Development and Commercialization Agreement (Acucela Inc.), Development and Commercialization Agreement (Acucela Inc)
No Duty on the Secured Party’s Part. The powers conferred on the Secured Party by this Section 5 4 are solely to protect the Secured Party’s interests interest 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 it they actually receives received as a result of the exercise of such powers, and neither no action taken by the Secured Party nor or any of its officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, omitted to be responsible to the Debtor for taken by any act or failure to act such Persons pursuant to this Section 54 shall give rise to any defense, counterclaim or offset in favor of Securing Party or affect any of the Obligations.
Appears in 2 contracts
Samples: Security Agreement (Organic to Go Food CORP), Security Agreement (Organic to Go Food CORP)
No Duty on the 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 it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of its officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, shall not be responsible to the Debtor Borrower for any act or failure to act pursuant to this Section 5.
Appears in 2 contracts
Samples: Investment Agreement (AMERICAS ENERGY Co - AECO), Investment Agreement (AMERICAS ENERGY Co - AECO)
No Duty on the Secured Party’s Part. The powers conferred on the Secured Party by this Section 5 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 it actually receives as a result of the exercise of such powers, and neither the Secured Party nor any of its 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
