Common use of Collateral Agent Not Liable Clause in Contracts

Collateral Agent Not Liable. Neither the Collateral Agent nor any of the Secured Parties shall be liable or accountable for any failure to seize, collect, realize, dispose of, enforce or otherwise deal with the Collateral, shall not be bound to institute proceedings for any such purposes or for the purpose of preserving any rights of the Collateral Agent, any Grantor or any other Person in respect of the Collateral and shall not be liable or responsible for any loss, cost or damage whatsoever which may arise in respect of any such failure, except to the extent resulting from the gross negligence, bad faith or wilful misconduct of the Collateral Agent or any of its officers, servants, partners, employees, agents, solicitors, attorneys, Receivers or otherwise, or the material breach of any Credit Document by any of the foregoing, as determined in a final non-appealable judgment of a court of competent jurisdiction. Neither the Collateral Agent nor any of its partners, officers, employees, servants, agents, or Receivers shall be liable by reason of any entry into possession of the Collateral or any part thereof, to account as a mortgagee in possession, for anything except actual receipts, for any loss on realization, for any act or omission for which a mortgagee in possession might be liable, or for any loss, cost, damage or expense whatsoever which may arise in respect of any such actions, omissions or negligence, except to the extent resulting from its or their, as the case may be, gross negligence, bad faith or wilful misconduct or material breach of any Credit Document.