No Duty on the Secured Party’s Part. The powers conferred on the Secured Party by this Section 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 be responsible to the Debtor for any act or failure to act pursuant to this Section 4.
Appears in 2 contracts
Samples: Co Development and Commercialization Agreement (Acucela Inc.), Co Development and Commercialization Agreement (Acucela Inc)
No Duty on the Secured Party’s Part. The powers conferred on the Secured Party by this Section 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 or omitted to be responsible to the Debtor for taken by any act or failure to act such Persons pursuant to this Section 44 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)
