Duties of the Security Trustee. This Agreement establishes the rights and obligations of the Security Trustee to carry out the tasks assigned to it in this Agreement. Unless otherwise set forth in this Agreement, the Security Trustee is not obliged to supervise the discharge of the payment and other obligations of the Issuer arising from the Funding and the Transaction Documents or to carry out duties which are the responsibility of the management of the Issuer.
Duties of the Security Trustee. 2.1 This Agreement establishes the rights and obligations of the Security Trustee to carry out the tasks assigned to it in this Agreement. Unless otherwise explicitly set forth in this Agreement or in the Deed of Charge and Assignment, the Security Trustee shall not be obliged to supervise the discharge of the payment and other obligations of the Issuer arising from the Funding and the Transaction Documents or to carry out duties which are the responsibility of the management of Driver UK Master S.A.
2.2 The Issuer agrees and authorises that the Security Trustee acts as trustee (Treuhänder) for the benefit of the Transaction Creditors pursuant to the terms of this Agreement and the Deed of Charge and Assignment. The Security Trustee agrees to act accordingly.
Duties of the Security Trustee. The Security Trustee shall:
(a) hold the Trust Property on trust for the Finance Parties in accordance with their respective entitlements under the Finance Documents; and
(b) deal with the Trust Property, in accordance with this Clause 26 and the other provisions of the Finance Documents.
Duties of the Security Trustee. 1.1 The Security Trustee agrees to perform such duties and only such duties as are specifically set forth in this Deed as supplemented by the relevant Loan Note Supplements to the extent required or permitted under and in compliance with applicable law and regulations.
Duties of the Security Trustee. Notwithstanding any additional duties imposed on the Security Trustee under the Trustee Act 1925 or otherwise, if a Loan Note Event of Default hxx xxxxxred and is continuing, the Security Trustee shall exercise the rights and powers and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.
Duties of the Security Trustee. (a) The Security Trustee’s duties under the Loan Documents are solely mechanical and administrative in nature.
(b) The Security Trustee shall make available to a Party the original or a copy of any document which is delivered to the Security Trustee for that Party by any other Party.
(c) Except where a Loan Document specifically provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.
(d) If the Security Trustee receives notice from a Party referring to any Loan Document, describing a circumstance and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties but shall not have any duty to verify whether the circumstances described has actually occurred or whether it constitutes a Default.
(e) The Security Trustee shall have only those duties, obligations and responsibilities expressly specified in the Loan Documents to which it is expressed to be a party (and no others shall be implied).
Duties of the Security Trustee. (a) The duties of the Security Trustee under the Finance Documents are solely mechanical and administrative in nature.
(b) The Security Trustee shall not be an agent of (except as expressly provided in any Finance Document) any Finance Party under or in connection with any Finance Document.
Duties of the Security Trustee. 11.1.1 The Security Trustee agrees to perform such duties and only such duties as are specifically set forth in this Deed, as supplemented by the relevant Loan Note Supplements, in each case to the extent required or permitted under and in compliance with applicable law and regulations. In relation to each Series of Loan Notes, the Security Trustee shall undertake such duties pursuant to Term Series Directions and VFN Series Directions, as applicable, unless otherwise specified or the context otherwise requires.
11.1.2 The Security Trustee shall consent to the operation of the Loan Note Issuer Distribution Account and any Additional Loan Note Issuer Accounts by the Loan Note Issuer in accordance with the provisions of this Deed and any Loan Note Supplement.
11.1.3 Subject to Clause 9 (Enforcement of Security), after any Security has become enforceable, the Security Trustee on behalf of the Secured Creditors shall (provided it is indemnified and/or secured and/or prefunded to its satisfaction), if it has actual knowledge of the same, act promptly to exercise its rights in respect of the Loan Note Issuer Distribution Account and any Additional Loan Note Issuer Account which is subject to any Security, and shall prevent monies representing Secured Property from being paid from the Loan Note Issuer Distribution Account or an Additional Loan Note Issuer Account to a bank account which is not the Loan Note Issuer Distribution Account or an Additional Loan Note Issuer Account and which was overdrawn at the close of business on the preceding Business Day (unless the Security Trustee shall have received evidence satisfactory to it that such overdraft has been satisfied). The Security Trustee shall cease to exercise such rights at such time as the relevant bank account ceases to be overdrawn.
11.1.4 The Security Trustee shall maintain proper records in respect of its duties as Security Trustee of the Secured Property in respect of each Series of Loan Notes, including, where applicable upon enforcement of any Security, records of all assets held by it and all payments made by it in such capacity.
11.1.5 The Security Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of any Secured Creditor in respect of a Series of Loan Notes relating to the time, method and place of conducting any action for any remedy available to the Security Trustee, or exercising any trust, discretion...
Duties of the Security Trustee. (a) The Security Trustee is not:
(i) responsible if it acts upon any instruction purported to have been given by the Administrative Agent even though it may subsequently be found that there was some defect in the instruction or for any other reason the instruction was not valid or binding upon any of those Beneficiaries whom it purports to bind or upon the Security Trustee;
(ii) except as expressly set out in this document:
(A) responsible in respect of financial accommodation provided by any Beneficiary to a Security Provider; or
(B) bound or concerned to see to the due application of them by a Security Provider; or
(iii) bound or concerned to examine or enquire into, nor be liable for, any defect or failure in the title of a Security Provider to the assets of a Security Provider and is entitled to accept any such title without requisition or objection.
(b) Failure by the Security Trustee to act due to lack of instructions or lack of proper or clear instructions from the Administrative Agent does not in itself amount to bad faith, fraud, gross negligence or wilful misconduct of the Security Trustee unless at the relevant time the same legal entity is also the Administrative Agent.
Duties of the Security Trustee. (a) The Security Trustee shall have only those duties, obligations and responsibilities expressly specified in the Loan Note Documents and shall not have any implied duties, obligations or responsibilities, other than to act at all times in the best interests of the Secured Parties.
(b) Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation to the trusts created by the instrument or any other Loan Note Document.
