No Duty of Lender. Nothing in this Agreement shall impose or imply any duty or obligation whatsoever upon Lender, and Lender shall be under no duty to take any action to preserve rights of Borrower with respect to any of the security held by Lender for the Obligations. Borrower waives any and all impairment of recourse and/or impairment of collateral defenses which it may possess against the Lender.
Appears in 3 contracts
Samples: Credit Loan Agreement (Lakes Entertainment Inc), Credit Lending Agreement (Ilx Resorts Inc), Credit Lending Agreement (Ilx Resorts Inc)
No Duty of Lender. Nothing in this Agreement shall impose or imply any duty or obligation whatsoever upon Lender, and except as required by applicable law, Lender shall be under no duty to take any action to preserve rights of Borrower with respect to any of the security held by Lender for the Obligations. To the extent permitted under applicable law, Borrower waives any and all impairment of recourse and/or impairment of collateral defenses which it may possess against the Lender.
Appears in 2 contracts
Samples: Inventory Loan and Security Agreement (Diamond Resorts Parent, LLC), Contract (Diamond Resorts Parent, LLC)
No Duty of Lender. Nothing in this Agreement shall impose or imply any duty or obligation whatsoever upon Lender, and Lender shall be under no duty duty, to take any action to preserve rights of Borrower with respect to any of the security held by Lender for the Obligationsobligations. Borrower waives any and all impairment of recourse and/or impairment of collateral defenses which that it may possess against the Lender.
Appears in 1 contract
Samples: Lakes Entertainment Inc
