The Collateral Agent’s Duties. The powers conferred on the Collateral Agent and the Secured Parties hereunder are solely to protect its and the Secured Parties' interest in the Collateral and shall not impose any duty on it or them to exercise any such powers. The Collateral Agent shall have no duty as to any Collateral (except to the extent expressly provided in the first sentence of Section 9-207(11) of the Code) or as to the taking of any necessary steps to preserve rights against prior parties pertaining to any Collateral. Neither the Collateral Agent nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor or otherwise. When Collateral is in the Collateral Agent's possession, the risk of accidental loss or damage shall be on the Grantor.
Appears in 2 contracts
Sources: Security Agreement (Panda Interfunding Corp), Security Agreement (Panda Interfunding Corp)