Common use of Duty of the Administrative Agent Clause in Contracts

Duty of the Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, nor any of its respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any 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 FCMC or any other Person or to take any other action whatsoever with regard to any Collateral. The powers conferred on the Administrative Agent hereunder are solely to protect the Administrative Agent’s interest in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative Agent shall be accountable only for amounts that the Administrative Agent actually receives as a result of the exercise of such powers, and neither the Administrative Agent nor any of the Administrative Agent’s officers, directors, employees or agents shall be responsible to FCMC for any act or failure to act hereunder, except for the Administrative Agent’s gross negligence or willful misconduct.

Duty of the Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, nor any of its respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any 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 FCMC the Grantor or any other Person or to take any other action whatsoever with regard to any Collateral. The powers conferred on the Administrative Agent hereunder are solely to protect the Administrative Agent’s interest in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative Agent shall be accountable only for amounts that the Administrative Agent actually receives as a result of the exercise of such powers, and neither the Administrative Agent nor any of the Administrative Agent’s officers, directors, employees or agents shall be responsible to FCMC the Grantor or any other Loan Party for any act or failure to act hereunder, except for the Administrative Agent’s gross negligence or willful misconduct.

Duty of the Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, nor any of its respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any 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 FCMC any Loan Party or any other Person or to take any other action whatsoever with regard to any Collateral. The powers conferred on the Administrative Agent hereunder are solely to protect the Administrative Agent’s interest in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative Agent shall be accountable only for amounts that the Administrative Agent actually receives as a result of the exercise of such powers, and neither the Administrative Agent nor any of the Administrative Agent’s officers, directors, employees or agents shall be responsible to FCMC any Loan Party for any act or failure to act hereunder, except for the Administrative Agent’s gross negligence or willful misconduct.