Pledgee's Duties. So long as Pledgee exercises reasonable care ---------------- with respect to the Shares in its possession, Pledgee shall have no liability for any loss or damage to such Shares, and in no event shall Pledgee have liability for any diminution in value of the Shares occasioned by economic or market conditions or events. Pledgee shall be deemed to have exercised reasonable care within the meaning of the preceding sentence if the Shares in its possession are accorded treatment substantially equal to that which Pledgee accords its own property, it being understood that Pledgee shall not have any responsibility under this Pledge Agreement for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to the Shares, whether or not Pledgee has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against any person or entity with respect to the Shares.
Pledgee's Duties. The powers conferred on the Pledgee hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Pledgee shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Pledgee has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Pledgee shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Pledgee accords its own property.
Pledgee's Duties. Pledgee shall not have any duties with respect to the Collateral other than the duty to use reasonable care if the Collateral is in its possession. In accordance with Section 9207 of the Code, Pledgee shall be deemed to have used reasonable care if it observes substantially the same standard of care with respect to the custody or preservation of the Collateral as it observes with respect to similar assets owned by Pledgee. Without limiting the generality of the foregoing, Pledgee shall be under no obligation to take any steps necessary to preserve rights in the Collateral against any other parties, to sell the same if it threatens to decline in value, or to exercise any rights represented thereby (including rights with respect to calls, conversions, exchanges, maturities, or tenders); PROVIDED, HOWEVER, that Pledgee may, at its option, do so, and any and all expenses incurred in connection therewith shall be for the account of Pledgor.
Pledgee's Duties. To the extent permitted under the Uniform Commercial Code as in effect in the State of Michigan from time to time (the “Code”) and the provisions of this Agreement, Pledgee shall have no duty with respect to the Membership Interest Collateral. Without limiting the generality of the foregoing, Pledgee shall be under no obligation to take any steps necessary to preserve rights in the Membership Interest Collateral against any other parties or to exercise any rights represented thereby; provided, however, that Pledgee may, at his option, do so, and any and all expenses incurred in connection therewith shall be for Pledgor’s sole account.
Pledgee's Duties. So long as Pledgee exercises reasonable care with respect to the Shares in its possession, Pledgee shall have no liability for any loss or damage to such Shares, and in no event shall Pledgee have liability for any diminution in value of the Shares occasioned by economic or market conditions or events. Pledgee shall be deemed to have exercised reasonable care within the meaning of the preceding sentence if the Shares in its possession are accorded treatment substantially equal to that which Pledgee accords its own property.
Pledgee's Duties. Pledgee and GCC, as its bailee, each has no duty or ---------------- liability for the Pledged Collateral except to exercise reasonable care while it is in Pledgee's or GCC's possession and except as otherwise expressly set forth in this Agreement. It is understood and agreed that the obligations of Pledgee and GCC as holder of the Pledged Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement. Without limiting the foregoing:
Pledgee's Duties. The Pledgee shall not be liable for any acts or omissions with respect to the Pledged Assets or the enforcement of this pledge, except in case of its gross negligence or wilful misconduct. The Pledgee shall be under no obligation to take any steps necessary to preserve any rights in the Pledged Assets against any third parties but may do so at its option after any applicable grace periods have elapsed, and all expenses incurred in connection therewith shall be for the account of the Pledgors. If any such expenses are borne by the Pledgee, the Pledgors shall on first demand reimburse the Pledgee therefor, and this reimbursement obligation shall be part of the Secured Obligations.
Pledgee's Duties. The powers conferred on the Pledgees hereunder are solely to protect their interest in the Collateral and shall not impose any duty upon them to exercise any such powers. Except for the safe custody of the Collateral in Charter One's possession and the accounting for monies actually received by the Pledgees thereon, the Pledgees shall have no duty as to the Collateral or as to taking necessary steps to preserve rights against prior parties.
Pledgee's Duties. Pledgee shall have the duty to use reasonable care if the Collateral is in Pledgee's possession.
Pledgee's Duties. The powers conferred on the Pledgees are solely to protect the Pledgees' interest in the Shares and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of the Shares in its possession and the accounting for moneys actually received by it hereunder, the Pledgees shall have no duty to act as to the Shares or as to the taking of any steps to preserve rights against any parties or any other rights pertaining to the Shares.
