OFL definition
Examples of OFL in a sentence
Neither the Collateral Agent nor any of its directors, officers or employees, shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Collateral Agent shall be liable for its negligence, bad faith or willful misconduct; nor shall the Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Seller or OFL of this Agreement or any of the Collateral (or any part thereof).
All terms defined in the document entitled "OFL Grantor Trusts Standard Terms and Conditions of Agreement Effective March 1, 1993" (the "Standard Terms and Conditions") shall have the same meaning with respect to each Series in this Agreement.
Neither OFL nor the Seller shall change its principal executive office unless it gives each Secured Party and the Collateral Agent at least 90 days' prior written notice of any relocation of its principal executive office.
Notwithstanding any term or provision of this Agreement, the Collateral Agent shall incur no liability to the Seller, OFL or the Secured Parties for any action taken or omitted by the Collateral Agent in connection with the Collateral, except for the negligence or willful misconduct on the part of the Collateral Agent, and, further, shall incur no liability to the Secured Parties except for negligence or willful misconduct in carrying out its duties to the Secured Parties.
Except as specifically provided herein, each Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of the Seller, OFL, the Servicer or the Trust or the Issuer, as the case may be.