Common use of No Investigation Clause in Contracts

No Investigation. Pledgeholder shall not be required to make any investigation or inquiry as to the existence of any event of default, but for all purposes of this Agreement shall conclusively rely, as to the existence or nonexistence of any event or Default on a written notice of Pledgee, delivered to the Pledgeholder; provided Pledgor is given at least ten (10) days written notice of the notice received by Pledgeholder from Pledgee. Notwithstanding the foregoing, Pledgeholder shall conclusively rely on such written notice of Pledgee even if Pledgeholder receives a conflicting notice from Pledgor. Pledgeholder shall give prompt written notice to Pledgee of any failure by Pledgor to comply with the provisions of this Agreement. If, and only if, Pledgor is in Default, Pledgee may, upon written notification thereof to Pledgeholder, cause the Collateral to be transferred to Pledgee. Pledgeholder, upon receipt of written notification of Default from Pledgee, shall give written notice to Pledgor of the instructions received by Pledgeholder from Pledgee and if, within ten (10) days after such notice shall be deemed received by Pledgor, Pledgeholder has not received written instructions from Pledgor claiming that no Default has occured and the Collateral should not be transferred to Pledgee, then Pledgeholder shall cause the Collateral to be transferred to Pledgee, If , however, Pledgeholder shall receive such written instructions from Pledgor within such ten (10) day period, then Pledgeholder shall file an interpleader action with respect to the Collateral.