Custody and Safekeeping. The Collateral 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 a similar manner as the Collateral Agent deals with similar property for similar customers, subject to Section 9-207 of the Uniform Commercial Code and subject to the protections and limitations on liability afforded to the Collateral Agent under this Agreement. Neither the Collateral Agent nor any of its Related Parties shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise Dispose of any Collateral; provided that it has acted in accordance with the instructions of the Controlling Party and in compliance with (and subject to) the terms of this Agreement and all Requirements of Law.
Appears in 7 contracts
Samples: Guarantee and Security Agreement (Nuveen Mortgage Opportunity Term Fund), Guarantee and Security Agreement (Nuveen Mortgage Opportunity Term Fund 2), Guarantee and Security Agreement
