Common use of Rights Not Construed as Duties Clause in Contracts

Rights Not Construed as Duties. The Collateral Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Collateral Agent has or obtains a security interest hereunder. If the Pledgor fails to perform any agreement contained herein, the Collateral Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgor under Section 15. The powers conferred on the Collateral Agent hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Equity Interests in its possession and accounting for monies actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.

Appears in 2 contracts

Samples: Credit Agreement (Universal Forest Products Inc), Credit Agreement (Universal Forest Products Inc)

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Rights Not Construed as Duties. The Collateral Administrative Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Collateral Administrative Agent has or obtains a security interest hereunder. If the Pledgor Company fails to perform any agreement contained herein, the Collateral Administrative Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Collateral Administrative Agent incurred in connection therewith shall be payable by the Pledgor Company under Section 15Paragraph 12. The powers conferred on the Collateral Administrative Agent hereunder are solely to protect its and the Lenders' interests in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Equity Interests Collateral in its possession and accounting for monies actually received by it hereunder, the Collateral Administrative Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.. GUARANTOR SECURITY AGREEMENT

Appears in 1 contract

Samples: Guarantor Security Agreement (Veridian Corp)

Rights Not Construed as Duties. The Collateral Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Collateral Agent has or obtains a security interest hereunder. If the Pledgor Company fails to perform any agreement contained herein, the Collateral Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgor Company under Section 15paragraph 14. The powers conferred on the Collateral Agent hereunder are solely to protect its interests in the Collateral Pledged Stock and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Equity Interests Stock in its possession and accounting for monies actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral Pledged Stock or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any CollateralPledged Stock.

Appears in 1 contract

Samples: Loan Agreement (Jabil Circuit Inc)

Rights Not Construed as Duties. The Collateral Administrative Agent neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Collateral Administrative Agent has or obtains a security interest hereunder. If the Pledgor Company fails to perform any agreement contained herein, the Collateral Administrative Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Collateral Administrative Agent incurred in connection therewith shall be payable by the Pledgor Company under Section 15Paragraph 12. The powers conferred on the Collateral Administrative Agent hereunder are solely to protect its and the Lenders' interests in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Equity Interests Collateral in its possession and accounting for monies actually received by it hereunder, the Collateral Administrative Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.

Appears in 1 contract

Samples: Security Agreement (Veridian Corp)

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Rights Not Construed as Duties. The Collateral Agent neither ------------------------------ assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Collateral Agent has or obtains a security interest hereunder. If the Pledgor Company fails to perform any agreement contained herein, the Collateral Agent may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgor Company under Section 15paragraph 13. The powers conferred on the Collateral Agent hereunder are solely to protect its interests in the Collateral Pledged Stock and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Pledged Equity Interests Stock in its possession and accounting for monies actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral Pledged Stock or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any CollateralPledged Stock.

Appears in 1 contract

Samples: Guaranty Agreement (Iae Inc)

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