Common use of Silence Clause in Contracts

Silence. The duties and obligations of the Collateral Agent shall only be such as are expressly set forth in this Agreement or as set forth in a written amendment to this Agreement executed by the parties hereto or their successors and assigns. In the event that any provision of this Agreement implies or requires that action or forbearance be taken by a party, but is silent as to which party has the duty to act or refrain from acting, the parties agree that the Collateral Agent shall not be the party required to take the action or refrain from acting. In no event shall the Collateral Agent have any responsibility to ascertain or take action except as expressly provided herein.