Common use of PLEDGEE NOT BOUND Clause in Contracts

PLEDGEE NOT BOUND. Pledgee shall not be obligated to perform or ----------------- discharge any obligation of Pledgor as a result of the collateral assignment hereby effected. The acceptance by Pledgee of this Pledge Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate Pledgee to appear in or defend any action or proceeding relating to the Pledged Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Pledged Collateral.

PLEDGEE NOT BOUND. Pledgee shall not be obligated to perform or ----------------- discharge any obligation of Pledgor as a result of the collateral assignment hereby effected. The acceptance by Pledgee of this Pledge Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate Pledgee to appear in or defend any action or proceeding relating to the Pledged Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Pledged Collateral.

PLEDGEE NOT BOUND. (a) The Pledgee shall not be obligated to perform or ----------------- discharge any obligation of any Pledgor as a result of the collateral assignment hereby effected. (b) The acceptance by the Pledgee of this Pledge Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate the Pledgee to appear in or defend any action or proceeding relating to the Pledged Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Pledged Collateral. SECTION 22.