Agent Duties. The Agent shall be under no duty whatsoever to make or give any presentment, demand for performance, notice of nonperformance, protest, notice of protest, notice of dishonor, or other notice or demand in connection with any Collateral or the Obligations, or to take any steps necessary to preserve any rights against prior parties. The Agent shall not be liable for failure to collect or realize upon any or all of the Obligations or Collateral, or for any delay in so doing, nor shall the Agent be under any duty to take any action whatsoever with regard thereto. The Agent shall use reasonable care in the custody and preservation of any Collateral in its possession. The Agent shall have no duty to comply with any recording, filing, or other legal requirements necessary to establish or maintain the validity, priority, or enforceability of, or the rights of the Agent in or to, any of the Collateral.
Appears in 2 contracts
Sources: Security Agreement (Primeenergy Corp), Security Agreement (Edge Petroleum Corp)