Common use of Absence of Duty Clause in Contracts

Absence of Duty. Administrative Agent shall not have any obligation whatsoever to any Lender or any other Person to assure that the property covered by the Security Documents exists or is owned by Loan Parties or is cared for, protected or insured or has been encumbered or that the Liens granted to Administrative Agent have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Administrative Agent in this Agreement or in any other Loan Document, it being understood and agreed that in respect of the property covered by the Security Documents or any act, omission or event related thereto, Administrative Agent may act in any manner it may deem appropriate, in its discretion, given Administrative Agent’s own interest in property covered by the Security Documents as one of the Lenders and that Administrative Agent shall have no duty or liability whatsoever to any of the other Lenders, provided that, notwithstanding anything in this Agreement to the contrary, Administrative Agent shall exercise the same care which it would in dealing with loans for its own account.

Absence of Duty. Administrative Agent shall not have any no obligation whatsoever to any Lender or any other Person to assure that the property covered by the Security Documents exists or is owned by Loan Parties Borrower or is cared for, protected or insured or has been encumbered or that the Liens granted to Administrative Agent have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Administrative Agent in this Agreement or in any other Loan Document, it being understood and agreed that in respect of the property covered by the Security Documents or any act, omission or event related thereto, Administrative Agent may act in any manner it may deem appropriate, in its discretion, given Administrative Agent’s own interest in property covered by the Security Documents as one of the Lenders a Lender and that Administrative Agent shall have no duty or liability whatsoever to any of the other LendersAgent, provided that, notwithstanding anything in this Agreement to the contrary, that Administrative Agent shall exercise the same care which it would in dealing with loans for its own accountaccount and shall be liable for its and its Representatives’ gross negligence or willful misconduct.

Absence of Duty. Administrative Agent shall not have any no obligation whatsoever to any Lender or any other Person to assure that the property covered by the Security Documents exists or is owned by Loan Parties Borrower or is cared for, protected or insured or has been encumbered or that the Liens granted to Administrative Agent have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Administrative Agent in this Agreement or in any other Loan Document, it being understood and agreed that in respect of the property covered by the Security Documents or any act, omission or event related thereto, Administrative Agent may act in any manner it may deem appropriate, in its discretion, given Administrative Agent’s 's own interest in property covered by the Security Documents as one of the Lenders and that Administrative Agent shall have no duty or liability whatsoever to any of the other Lenders, provided that, notwithstanding anything in this Agreement to the contrary, that Administrative Agent shall exercise the same care which it would in dealing with loans for its own account.