Common use of No Duty to Exercise Rights Clause in Contracts

No Duty to Exercise Rights. In no event shall the Agent have any duty to exercise any rights or take any steps to preserve the rights of the Agent in the Collateral, nor shall the Agent be liable to the Debtor or any other Person for any loss caused by the Agent's failure to meet any obligation imposed by Section 9-207 of the UCC or any successor provision. Without limiting the foregoing, the Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Agent accords its own property, it being understood that the Agent shall not have any duty or responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Agent has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Collateral.