Safekeeping of Equipment. Neither Agent nor any Lender shall be responsible for: (i) the safekeeping of the Equipment; (ii) any loss or damage to the Equipment; (iii) any diminution in the value of the Equipment; or (iv) any act or default of any repairman, bailee or any other Person with respect to the Equipment. As between the Borrowers, Agent and Lenders, all risk of loss, damage, destruction or diminution in value of the Equipment shall be borne by the Borrowers.
Appears in 3 contracts
Samples: Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp)
Safekeeping of Equipment. Neither Agent nor any Lender shall be responsible for: (i) the safekeeping of the Equipment; (ii) any loss or damage to the Equipment; (iii) any diminution in the value of the Equipment; or (iv) any act or default of any repairmanrepairmen, bailee or any other Person with respect to the Equipment. As between the Borrowers, Agent and Lenders, all All risk of loss, damage, destruction or diminution in value of the Equipment shall be borne by the BorrowersBorrower.
Appears in 2 contracts
Samples: Loan and Security Agreement (Webco Industries Inc), Loan and Security Agreement (Webco Industries Inc)
Safekeeping of Equipment. Neither the Agent nor any Lender shall be responsible for: (ia) the safekeeping of the Equipment; (iib) any loss or damage to the Equipment; (iiic) any diminution in the value of the Equipment; or (ivd) any act or default of any repairman, bailee or any other Person with respect to the Equipment. As between the Borrowers, Agent and Lenders, all All risk of loss, damage, destruction or diminution in value of the Equipment shall be borne by the BorrowersBorrower absent the gross negligence or willful misconduct of the Agent.
Appears in 2 contracts
Samples: Loan and Security Agreement (Amcraft Building Products Co Inc), Loan and Security Agreement (American Builders & Contractors Supply Co Inc)
Safekeeping of Equipment. Neither the Agent nor any Lender ------------------------- shall be responsible for: (ia) the safekeeping of the Equipment; (iib) any loss or damage to the Equipment; (iiic) any diminution in the value of the Equipment; or (ivd) any act or default of any repairman, bailee or any other Person with respect to the Equipment. As between the Borrowers, Agent and Lenders, all All risk of loss, damage, destruction or diminution in value of the Equipment shall be borne by the BorrowersBorrower absent the gross negligence or willful misconduct of the Agent.
Appears in 1 contract
Samples: Loan and Security Agreement (American Builders & Contractors Supply Co Inc)
