Common use of NO LIABILITY FOR ENTERING INTO POSSESSION Clause in Contracts

NO LIABILITY FOR ENTERING INTO POSSESSION. The Collateral Agent shall not nor shall any Receiver appointed as aforesaid by reason of the Collateral Agent or the Receiver entering into possession of any Security Asset be liable to account for such entry into possession or be liable for any loss or realization or for any fault or omission for which such acts may have made them liable. Every Receiver duly appointed by the Collateral Agent shall be deemed to be the agent of the Owner for all purposes and shall as such agent be deemed to be in the same position as a Receiver duly appointed under this Debenture. The Owner alone shall be responsible for its agreements, obligations, acts, omissions, defaults and losses and the Collateral Agent shall not incur any responsibility therefor (either to the Owner or to any other Person whatsoever) by reason of appointing such Receiver or for any other reason whatsoever. Every such Receiver and the Collateral Agent shall be entitled to all the rights, privileges and immunities by statute conferred on receivers when such receivers have been duly appointed.