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FL » Topics » . Limitation on Duty of Administrative Agent in Respect of Collateral.

This excerpt taken from the FL 8-K filed May 21, 2008.
. Limitation on Duty of Administrative Agent in Respect of Collateral. Beyond the exercise of reasonable care in the custody thereof, the Administrative Agent shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Administrative 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 it accords its own property, and shall not be liable or responsible for any loss or damage to any of the Collateral, or for any diminution in the value thereof, by reason of the

 


 

act or omission of any agent or bailee selected by the Administrative Agent in good faith.

Section 13

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