Common use of Express Duties Only Clause in Contracts

Express Duties Only. Custodian shall have no duties or obligations whatsoever except such duties and obligations as are specifically set forth in this Agreement, and no covenant or obligation shall be implied in this Agreement against Custodian. Custodian shall have no discretion whatsoever with respect to the management, disposition or investment of the Custody Account and is not a fiduciary to the Master Fund. In particular, Custodian shall not be under any obligation at any time to monitor or to take any other action with respect to compliance by the Master Fund with the 1940 Act (except as expressly provided herein), the provisions of the Master Fund's limited partnership agreement or private placement memorandum, or the Master Fund's investment objectives, policies and limitations as in effect from time to time.