Common use of Rights Not Construed as Duties Clause in Contracts

Rights Not Construed as Duties. The Bank neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Bank has or obtains a security interest hereunder. If the Debtors fail to perform any agreement contained herein, the Bank may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Bank incurred in connection therewith shall be payable by the Debtors under Section 6.8. The powers conferred on the Bank 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 Collateral in its possession and accounting for monies actually received by it hereunder, the Bank 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. SECURITY AGREEMENT

Appears in 1 contract

Samples: Security Agreement (Advanced Photonix Inc)

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Rights Not Construed as Duties. The Bank neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Bank has or obtains a security interest hereunder. If the Debtors fail Guarantor fails to perform any agreement contained herein, the Bank may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Bank incurred in connection therewith shall be payable by the Debtors Guarantor under Section 6.8paragraph 13. The powers conferred on the Bank 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 Collateral Pledged Stock in its possession and accounting for monies actually received by it hereunder, the Bank 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 Collateral. SECURITY AGREEMENTPledged Stock.

Appears in 1 contract

Samples: Loan Agreement (Ajk Enterprises Inc)

Rights Not Construed as Duties. The Bank neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Bank has or obtains a security interest hereunder. If the Debtors fail Company fails to perform any agreement contained herein, the Bank may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Bank incurred in connection therewith shall be payable by the Debtors Company under Section 6.8. 5.6 The powers conferred on the Bank 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 Collateral in its possession and accounting for monies actually received by it hereunder, the Bank 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. SECURITY AGREEMENT.

Appears in 1 contract

Samples: Aircraft Security Agreement (Airnet Systems Inc)

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Rights Not Construed as Duties. The Bank neither assumes nor shall it have any duty of performance or other responsibility under any contracts in which the Bank has or obtains a security interest hereunder. If the Debtors fail Company fails to perform any agreement contained herein, the Bank may but is in no way obligated to itself perform, or cause performance of, such agreement, and the reasonable expenses of the Bank incurred in connection therewith shall be payable by the Debtors Company under Section 6.8paragraph 12. The powers conferred on the Bank 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 Collateral in its possession and accounting for monies actually received by it hereunder, the Bank 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. SECURITY AGREEMENT.

Appears in 1 contract

Samples: Security Agreement (Celex Group Inc)

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