Common use of Collections Liability Clause in Contracts

Collections Liability. Lender shall not, under any circumstances, be liable for any error or omission or delay of any kind occurring in the settlement, collection or payment of any Account or any instrument received in payment thereof or for any damage resulting therefrom unless occasioned by Lender’s fraud, gross negligence or willful misconduct. Lender may, after the occurrence of an Event of Default, without notice to or consent from SouthPeak, ▇▇▇ upon or otherwise collect, extend the time of payment of, or compromise or settle for cash, credit or otherwise upon any terms, any of the Accounts or any securities, instruments or insurance applicable thereto and/or release the obligor thereon. Lender is authorized to accept the return of the goods represented by any of the Accounts, without notice to or consent of SouthPeak, or without discharging or any way affecting the Obligations. Lender shall not be liable for or prejudiced by any loss, depreciation or other damage to the Accounts and other Collateral unless caused by Lender’s fraud, gross negligence or willful misconduct.