Common use of Non-Reliance upon the Collateral Agent Clause in Contracts

Non-Reliance upon the Collateral Agent. Each Secured Party will be deemed to have agreed that it has, independently and without reliance upon the Collateral Agent, and based upon such documents and information as it has deemed appropriate, made its own credit analysis of the Borrowers, the Grantors and the other Guarantors and their Affiliates and has made a decision to become a creditor of the Secured Obligations and that it will, independently and without reliance upon the Collateral Agent, and based upon such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action with respect thereto. The Collateral Agent shall not be required to keep itself informed as to the performance or observance by the Grantors or any other Person of this Agreement or any other document referred to or provided for herein or to inspect the Properties or books of the Grantors or any other Person. Except for notices, reports and other documents and information expressly required to be furnished by it under the documents to which it is a party, the Collateral Agent shall not have any duty or responsibility to provide any Secured Party with any credit or other information concerning the affairs, financial condition or business of the Borrowers, the Grantors or the other Guarantors or any other Person that may come into the possession of the Collateral Agent or any of its Affiliates.

Non-Reliance upon the Collateral Agent. Each Secured Party will be deemed to have agreed that it has, independently and without reliance upon the Collateral Agent, and based upon such documents and information as it has deemed appropriate, made its own credit analysis of the Borrowers, the Grantors Borrower and the other Guarantors Guarantor and their respective Affiliates and has made a decision to become a creditor of the Secured Obligations and that it will, independently and without reliance upon the Collateral Agent, and based upon such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action with respect thereto. The Collateral Agent shall not be required to keep itself informed as to the performance or observance by the Grantors Borrower, the Importer, the Guarantor or any other Person of this Agreement or any other document referred to or provided for herein or to inspect the Properties or books of the Grantors Borrower, the Importer, the Guarantor or any other Person. Except for notices, reports and other documents and information expressly required to be furnished by it under the documents to which it is a party, the Collateral Agent shall not have any duty or responsibility to provide any Secured Party with any credit or other information concerning the affairs, financial condition or business of the BorrowersBorrower, the Grantors or Importer, the other Guarantors Guarantor or any other Person that may come into the possession of the Collateral Agent or any of its Affiliates.