Common use of The Secured Party’s Duties Clause in Contracts

The Secured Party’s Duties. The powers conferred on the Secured Party hereunder are solely to protect the Secured Party’s interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the accounting for moneys actually received by it hereunder, the Secured Party shall have no duty as to any Collateral, as to ascertaining or taking action with respect to matters relative to any Collateral, whether or not it has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Secured Party shall have no responsibility or liability for the types of investments made at the direction of the Company, nor shall it have any duty or responsibility to confirm that the same are in fact Permitted Investments or that such investments conform to the limitations set forth in Section 7 hereof or elsewhere in the LC Facility Documents. The Secured Party shall have no liability for any losses incurred as a result of investments made hereunder and any amounts received on account of gain or losses attributable to such investments shall be held in, credited to or debited from the Accounts, or released to the Company or the relevant Grantor, in accordance with the terms hereof.