Common use of Absence of Duty Clause in Contracts

Absence of Duty. Agent shall have no obligation whatsoever to any Lender or any other Person to assure that the property covered by this Security Agreement exists or is owned by Grantor or any other Loan Party or is cared for, protected or insured or has been encumbered or that the liens granted to Agent have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent in this Section 24(h), it being understood and agreed that in respect of the property covered by this Security Agreement or any act, omission or event related thereto, Agent may act in any manner it may deem appropriate, in its discretion, given Agent’s own interest in property covered by this Security Agreement as one of the Lenders and that Agent shall have no duty or liability whatsoever to any of the other Lenders, provided that Agent shall exercise the same care which it would in dealing with loans for its own account.