Common use of Pledgee's Duties Clause in Contracts

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. To Subject to Section 9-207 of the extent permitted under the Michigan 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 its option, do so, and any and all expenses incurred in connection therewith shall be for Pledgor’s 's sole account.

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 its option, do so, and any and all expenses incurred in connection therewith shall be for Pledgor’s sole account.