Common use of Duties and Liabilities of Note Agent Clause in Contracts

Duties and Liabilities of Note Agent. (a) The Note Agent upon appointment shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement. In case an Event of Default has occurred (which has not been cured), the Note Agent shall exercise such of the rights and powers vested in it by this Agreement and use the same degree of care and skill in its exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.