Common use of The Security Agent Clause in Contracts

The Security Agent. 10.1 Neither the Security Agent nor any of its respective affiliates, directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or for errors in judgment, except for its or their own gross negligence, willful misconduct or bad faith. 10.2 The powers conferred on the Security Agent hereunder are solely to protect its and the Secured Parties’ interest in the Collateral and shall not impose any duty upon the Security Agent to exercise any such powers. Except for the exercise of reasonable care in the custody and preservation of any Collateral in its possession and accounting for moneys actually received by it hereunder, the Security Agent shall have no duty as to any Collateral or as to any rights pertaining thereto. 10.3 The Security Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Security Agent accords its own property.