Common use of Limitation on Lender’s Duty in Respect of Pledged Collateral Clause in Contracts

Limitation on Lender’s Duty in Respect of Pledged Collateral. Except as expressly provided in the Code, Lender shall have no duty as to any Pledged Collateral in its possession or control or in the possession or control of any agent or nominee of Lender or as to any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto.