Common use of Duties re Collateral Clause in Contracts

Duties re Collateral. Except as otherwise provided herein, and as may be mandated by applicable law, the Secured Party shall have no duty as to the collection or protection of any Collateral nor as to the preservation of any rights pertaining thereto, beyond the safe custody of any Collateral in its possession.

Duties re Collateral. Except as otherwise provided herein, and as may be mandated by applicable lawlaw despite an agreement by the Debtor and the Secured Party to the contrary, the Secured Party shall have no duty as to the collection or protection of any Collateral nor as to the preservation of any rights pertaining thereto, beyond the safe custody of any Collateral in its possession.