Common use of Pledgee Has No Duty Clause in Contracts

Pledgee Has No Duty. The powers conferred on Pledgee hereunder are solely to protect its interest in the Collateral and shall not impose any duty on it to exercise any such powers. Pledgee shall have no duty as to any Collateral or responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Interests, whether or not Pledgee has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The execution and delivery of this Pledge and Security Agreement and the Guaranty is not intended to be, nor shall they be construed to be, the formation of a partnership or joint venture between Pledgor and Pledgee.

Pledgee Has No Duty. The powers conferred on Pledgee hereunder are solely to protect its interest in the Collateral and shall not impose any duty on it to exercise any such powers. Pledgee shall have no duty as to any Collateral or responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Interests, whether or not Pledgee has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The execution and delivery of this Pledge and Security Agreement and the Guaranty is not intended to be, nor shall they be construed to be, the formation of a partnership or joint venture between Pledgor Pledgors and Pledgee.

Pledgee Has No Duty. The powers conferred on Pledgee hereunder ------------------- are solely to protect its interest in the Collateral and shall not impose any duty on it to exercise any such powers. Pledgee shall have no duty as to any Collateral or responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Interests, whether or not Pledgee has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The execution and delivery of this Pledge and Security Agreement and the Guaranty is not intended to be, nor shall they be construed to be, the formation of a partnership or joint venture between Pledgor and Pledgee.