Common use of Lack of Reliance on the Collateral Agent Clause in Contracts

Lack of Reliance on the Collateral Agent. Each of the ---------------------------------------- Beneficiaries expressly acknowledges that neither the Collateral Agent nor any of its officers, directors, employees, agents or attorneys-in-fact has made any representations or warranties to it and that no act by the Collateral Agent hereinafter taken, including, without limitation, any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by the Collateral Agent to any Beneficiary. Each Beneficiary represents that it is not relying on the Collateral Agent to grant, perfect and maintain the pledge of, security interest in, and priority of, the Collateral; provided that the Collateral Agent shall be required to perform its obligations under this Agreement. Except for notices, reports and other documents expressly required to be furnished to the Beneficiaries by the Collateral Agent hereunder, the Collateral Agent shall not have any duty or responsibility to provide any Beneficiary with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of the Collateral Agent or any of its officers, directors, employees, agents or attorneys-in-fact.