Common use of Bank Duties Clause in Contracts

Bank Duties. Depositor acknowledges and agrees that (i) the duties, responsibilities and obligations of the Bank shall be limited to those expressly set forth in this Agreement, each of which is administrative or ministerial (and shall not be construed to be fiduciary) in nature, and no duties, responsibilities or obligations shall be inferred or implied, (ii) the Bank does not have any fiduciary obligation towards Depositor, the PUC, or any other party contemplated hereunder with respect to this Agreement or any of the agreements referred to or described herein or the transactions contemplated thereby, (iii) the Bank shall not be responsible for any of the agreements referred to or described herein (including without limitation the Order, or for determining or compelling compliance therewith, and shall not otherwise be bound thereby, and (iv) the Bank shall not be required to expend or risk any of its own funds to satisfy payments from the Property hereunder. The Bank shall furnish the Depositor with monthly account statements, showing starting and ending balances and all deposits and withdrawals made during such month.

Bank Duties. Depositor Each of the Pledgor and the Secured Party acknowledges and agrees that (i) the duties, responsibilities and obligations of the Bank shall be limited to those expressly set forth in this Agreement, each of which is administrative or ministerial (and shall not be construed to be fiduciary) fiduciary in nature), and no duties, responsibilities or obligations shall be inferred or implied, (ii) the Bank does not have any fiduciary obligation towards Depositor, the PUC, or any other party contemplated hereunder with respect to this Agreement or any of the agreements referred to or described herein or the transactions contemplated thereby, (iii) the Bank shall not be responsible for any of the agreements referred to or described herein (including without limitation the OrderPledge Agreement), or for determining or compelling compliance therewith, and shall not otherwise be bound thereby, (iii) this Agreement shall constitute the entire agreement of the parties with respect to the subject matter and supersedes all prior oral or written agreements in regard thereto, (iv) the Bank shall not be required to expend or risk any of its own funds to satisfy payments from or otherwise incur any financial or other liability in the Property hereunder. The performance of any of its duties hereunder and (v) the Bank shall furnish the Depositor not be obligated to take any legal or other action hereunder which might in its judgment involve or cause it to incur any expense or liability unless it shall have been furnished with monthly account statements, showing starting and ending balances and all deposits and withdrawals made during such monthacceptable indemnification.