Common use of Duties as Collateral Agent Clause in Contracts

Duties as Collateral Agent. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Finance Document, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Finance Document or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Lenders irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any lien on or security interest in any Collateral (i) if the property subject to such lien or security interest is permitted to be sold or otherwise transferred pursuant to both the Bank Agreement and the Prudential Agreement or such lien is otherwise permitted to be released pursuant to such Credit Agreements and (ii) upon termination of and payment in full of all Obligations (other than contingent indemnification obligations, including but not limited to obligations of the Debtor Parties under the Swap Agreements that are not yet due).

Duties as Collateral Agent. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Finance Document, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Finance Document or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” Aagent@ herein with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Lenders irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any lien on or security interest in any Collateral (i) if the property subject to such lien or security interest is permitted to be sold or otherwise transferred pursuant to both the Bank Agreement and the Prudential Agreement or such lien is otherwise permitted to be released pursuant to such Credit Agreements and (ii) upon termination of and payment in full of all Obligations (other than contingent indemnification obligations, including but not limited to obligations of the Debtor Parties under the Swap Agreements that are not yet due).