Trustees Not Liable for Obligations of CLP. CLP is organized as a business trust. Its trustees shall be deemed for purposes of this Agreement and the other Loan Documents to serve in the same capacity as directors of a business corporation and shall have no personal liability or obligation, by reason of their serving as such trustees, for the obligations of CLP hereunder or thereunder.
Appears in 4 contracts
Samples: Term Loan Agreement (Colonial Realty Limited Partnership), Credit Agreement (Colonial Realty Limited Partnership), Term Loan Agreement (Colonial Properties Trust)
