Common use of LIABILITY TO PERFORM Clause in Contracts

LIABILITY TO PERFORM. It is expressly agreed that the Pledgor shall remain liable to observe and perform all of the obligations assumed by it in respect of the Business. Each Beneficiary and the Security Agent shall not have any liability in connection with, or arising out of, this Agreement other than under Clause 11 to the extent that any such liability under such Clause 11 is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Beneficiary’s or the Security Agent’s gross negligence or wilful misconduct, as the case may be. The Beneficiaries and the Security Agent shall not be required in any manner to perform or fulfill any obligation of the Pledgor in respect of the Business, or to make any payment or to present or file any claim or take any other action to collect or enforce the payment of any amount to which they may have been or to which they may be entitled hereunder at any times.