No Duty on Collateral Agent’s Part. The powers conferred on the Collateral Agent by this Article XIV are solely to protect the Investors’ interests in the Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives, on the Investor’s behalf, as a result of the exercise of such powers, and neither the Collateral Agent nor any of its officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, be responsible to the Grantor for any act or failure to act pursuant to this Article XIV.
Appears in 2 contracts
Sources: Security Agreement (Cardium Therapeutics, Inc.), Security Agreement (Cardium Therapeutics, Inc.)