COLLATERAL AGENT'S DUTIES AND LIABILITIES. (a) The powers conferred on Collateral Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. Collateral Agent shall be deemed to exercise reasonable care in the custody and preservation of such Collateral if such Collateral is accorded treatment substantially equivalent to that which Collateral Agent accords its own property.
Appears in 4 contracts
Samples: Junior Personal Property Security Agreement (Atlantic Gulf Communities Corp), Junior Personal Property Security Agreement (Atlantic Gulf Communities Corp), Personal Property Security Agreement (Atlantic Gulf Communities Corp)
