Rights of Pledgee. Pledgee shall not be liable for failure to collect or realize upon the Collateral, or any part thereof, or for any delay in so doing, nor shall it be under any obligation to take any action whosoever with regard thereto. If an event of default under the Loan Documents has occurred and is continuing, Pledgee may, without notice to Pledgor, exercise all rights, privileges or options pertaining to the Ownership Interests as if it were the absolute owner thereof, upon such terms and conditions as it may determine, all without liability except to account for property actually received by Pledgee, but Pledgee shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing.
Appears in 2 contracts
Sources: Pledge and Security Agreement (Glimcher Realty Trust), Pledge and Security Agreement (Glimcher Realty Trust)