Common use of Trustee's Exoneration Clause in Contracts

Trustee's Exoneration. Under no circumstances shall the Trustee be deemed to assume any responsibility for or obligation or duty to the Company with respect to any part or all of the Collateral of any nature or kind or any matter or proceedings arising out of or relating thereto, other than (a) to exercise reasonable care in the physical custody of the Collateral and (b) after an Event of Default shall have occurred and be continuing to act in a commercially reasonable manner. The Trustee shall not be required to take any action of any kind to collect, preserve or protect its or the Company's rights in the Collateral. The Trustee's prior recourse to any part or all of the Collateral shall not constitute a condition of any demand, suit or proceeding for payment or collection of any of the Obligations.