No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 5 contracts
Samples: Loan and Security Agreement (Gander Mountain Co), Loan and Security Agreement (Gander Mountain Co), Loan and Security Agreement (Gander Mountain Co)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9-1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 5 contracts
Samples: Loan and Security Agreement (CSS Trade Names Inc), Loan and Security Agreement (Designs Inc), Loan and Security Agreement (Factory Card Outlet Corp)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the any Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 4 contracts
Samples: Loan and Security Agreement (Drugmax Inc), Loan and Security Agreement (Childrens Place Retail Stores Inc), Loan and Security Agreement (Jacobson Stores Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 3 contracts
Samples: Loan and Security Agreement (RoomStore, Inc.), Loan and Security Agreement (RoomStore, Inc.), Loan and Security Agreement (Wild Oats Markets Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9:9-1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the any Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 3 contracts
Samples: Loan and Security Agreement (Phar Mor Inc), Loan and Security Agreement (Phar Mor Inc), Loan and Security Agreement (Homebase Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9-1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) ), which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 2 contracts
Samples: Loan and Security Agreement (Hastings Entertainment Inc), Loan and Security Agreement (Hastings Entertainment Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 8.06 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower any Loan Party or any other Person for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith, or willful misconduct.
Appears in 2 contracts
Samples: Senior Loan Agreement (DSW Inc.), Senior Loan Agreement (Retail Ventures Inc)
No Obligation to Act. The Agent Agents shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 10-1 herein, but if the either Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the any Borrower for any act or omission consistent with its rights and powers under the Loan Documents, to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has Agents have had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 2 contracts
Samples: Loan Agreement (Dynamics Research Corp), Loan and Security Agreement (Dynamics Research Corp)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 2 contracts
Samples: Loan and Security Agreement (Designs Inc), Loan and Security Agreement (Hastings Entertainment Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9-1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower Borrowers for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 2 contracts
Samples: Loan and Security Agreement (Sports Authority Inc /De/), Loan and Security Agreement (Sunglass Hut International Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 8.06 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the any Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith, or willful misconduct.
Appears in 2 contracts
Samples: Senior Convertible Loan Agreement (Value City Department Stores Inc /Oh), Financing Agreement (Value City Department Stores Inc /Oh)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such the reasonable exercise of such power, and shall not be responsible to the Borrower Borrowers for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in negligent, actual bad faith, constituted willful misconduct or was commercially unreasonable.
Appears in 2 contracts
Samples: Loan and Security Agreement (Lechters Inc), Loan and Security Agreement (Lechters Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9:9-1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the any Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent in bad faith or in actual bad faithconstituted gross negligence.
Appears in 1 contract
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 a herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the any Borrower for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 1 contract
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower Borrowers for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 1 contract
Samples: Loan and Security Agreement (Duckwall Alco Stores Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 5-1 herein, but if the Agent Lender elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower Guarantor for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 1 contract
Samples: Loan and Security Agreement (Sunglass Hut International Inc)
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower Borrowers for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 1 contract
No Obligation to Act. The Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 10.1 9.1 herein, but if the Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to the Borrower any Loan Party for any act or omission to act except for any act or omission to act as to which there is a final determination made in a judicial proceeding (in which proceeding the Agent has had an opportunity to be heard) which determination includes a specific finding that the subject act or omission to act had been grossly negligent or in actual bad faith.
Appears in 1 contract
