A standard form duty of care agreement (sometimes referred to as a direct agreement) between a borrower, a property manager (or managing agent) and a security trustee or lender. It can be used either in a syndicated or bilateral real estate finance transaction where the borrower has appointed a managing agent under a management agreement to collect and administer the rent and service charge from a property.

This standard document includes integrated drafting notes, which explain the law behind, and commercial reasons for, provisions of the document.