Common use of Rights Not Construed as Duties Clause in Contracts

Rights Not Construed as Duties. The Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Agent has or obtains a security interest hereunder. If the Company fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company under paragraph 13. The powers conferred on the Agent hereunder are solely to protect its interests in the Pledged Stock and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock in its possession and accounting for monies actually received by it hereunder, the Agent shall have no duty as to any Pledged Stock or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Stock.

Appears in 7 contracts

Samples: Pledge Agreement (BMG North America LTD), Pledge Agreement (BMG North America LTD), Pledge Agreement (BMG North America LTD)

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Rights Not Construed as Duties. The Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Agent has or obtains a security interest hereunder. If the Company fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company under paragraph 1312. The powers conferred on the Agent hereunder are solely to protect its interests in the Pledged Stock Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock Collateral in its possession and accounting for monies actually received by it hereunder, the Agent shall have no duty as to any Pledged Stock Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged StockCollateral.

Appears in 3 contracts

Samples: Security Agreement (Sos Staffing Services Inc), Security Agreement (Aetna Industries Inc), Security Agreement (Gibson Greetings Inc)

Rights Not Construed as Duties. The Agent and the Lenders neither assumes assume nor shall it any of them have any duty of performance or other responsibility under any contracts in which the Agent has or obtains obtains, for the benefit of the Lenders, a security interest hereunder. If the Company any Grantor fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company such Grantors under paragraph 1312 hereof. The powers conferred on the Agent hereunder are solely to protect its interests for the benefit of the Lenders in the Pledged Stock Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock Collateral in its possession and accounting for monies actually received by it hereunder, the Agent shall have no duty as to any Pledged Stock Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged StockCollateral.

Appears in 3 contracts

Samples: Security Agreement (BMG North America LTD), Guarantor Security Agreement (BMG North America LTD), Guarantor Security Agreement (BMG North America LTD)

Rights Not Construed as Duties. The Agent and the Lenders neither assumes assume nor shall it any of them have any duty of performance or other responsibility under any contracts in which the Agent has or obtains obtains, for the benefit of the Lenders, a security interest hereunder. If the Company Debtor fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company Debtor under paragraph 1312 hereof. The powers conferred on the Agent hereunder are solely to protect its interests for the benefit of the Lenders in the Pledged Stock Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock Collateral in its possession and accounting for monies actually received by it hereunder, the Agent shall have no duty as to any Pledged Stock Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged StockCollateral.

Appears in 2 contracts

Samples: Security Agreement (BMG North America LTD), Company Security Agreement (Oxford Automotive Inc)

Rights Not Construed as Duties. The Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Agent has or obtains a security interest hereunder. If the Company fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company under paragraph 13. The powers AMENDED AND RESTATED PLEDGE AGREEMENT AND IRREVOCABLE PROXY conferred on the Agent hereunder are solely to protect its interests in the Pledged Stock and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock in its possession and accounting for monies actually received by it hereunder, the Agent shall have no duty as to any Pledged Stock or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Stock.

Appears in 1 contract

Samples: Pledge Agreement (Oxford Automotive Inc)

Rights Not Construed as Duties. The Administrative Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Administrative Agent has or obtains a security interest hereunder. If the Company fails to perform any agreement contained herein, the Administrative Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Administrative Agent incurred in connection therewith shall be payable by the Company under paragraph 13. The powers conferred on the Administrative Agent hereunder are solely to protect its and the Lenders' interests in the Pledged Stock and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock in its possession and accounting for monies actually received by it hereunder, the Administrative Agent shall have no duty as to any Pledged Stock or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Stock.

Appears in 1 contract

Samples: Pledge Agreement and Irrevocable Proxy (Veridian Corp)

Rights Not Construed as Duties. The Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Agent has or obtains a security interest hereunder. If the any Company fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company Companies under paragraph 1312. The powers conferred on the Agent hereunder are solely to protect its interests in the Pledged Stock Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock Collateral in its possession and accounting for monies actually received by it hereunderhereunder and except as otherwise required under applicable law, the Agent shall have no duty as to any Pledged Stock Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged StockCollateral.

Appears in 1 contract

Samples: Security Agreement (Key Plastics Inc)

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Rights Not Construed as Duties. The Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Agent has or obtains a security interest hereunder. If the Company fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company under paragraph 13. The powers conferred on the Agent hereunder are solely to protect its interests in the Pledged Stock and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock in its possession and accounting for monies actually received by it hereunder, the Agent shall have no duty as to any Pledged Stock or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Stock.. PLEDGE AGREEMENT AND IRREVOCABLE PROXY

Appears in 1 contract

Samples: Pledge Agreement (Prudenville Manufacturing Inc)

Rights Not Construed as Duties. The Administrative Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Administrative Agent has or obtains a security interest hereunder. If the any Company fails to perform any agreement contained herein, the Administrative Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Administrative Agent incurred in connection therewith shall be payable by the each Company under paragraph 13. The powers conferred on the Administrative Agent hereunder are solely to protect its and the Lenders' interests in the Pledged Stock and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock in its possession and accounting for monies actually received by it hereunder, the Administrative Agent shall have no duty as to any Pledged Stock or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Stock.

Appears in 1 contract

Samples: Guarantor Pledge Agreement and Irrevocable (Veridian Corp)

Rights Not Construed as Duties. The Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Agent has or obtains a security interest hereunder. If the Company fails to perform any agreement contained herein, the Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Agent incurred in connection therewith shall be payable by the Company under paragraph 1312. The powers conferred on the Agent hereunder are solely to protect its interests in the Pledged Stock Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Stock Collateral in its possession and accounting for monies actually received by it hereunderhereunder and except as otherwise required under applicable law, the Agent shall have no duty as to any Pledged Stock Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged StockCollateral.

Appears in 1 contract

Samples: Security Agreement (Key Plastics Inc)

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