Common use of LIMITATIONS ON THE RESPONSIBILITY OF THE SECURITY TRUSTEE Clause in Contracts

LIMITATIONS ON THE RESPONSIBILITY OF THE SECURITY TRUSTEE. The Security Trustee shall not be obliged to monitor or supervise the performance by such Authorised Third Party of its duties hereunder or in relation to the Operating Agreements and shall not be responsible or liable for any act or omission of such Authorised Third Party or for any loss caused thereby, provided that if any party to a Transaction Document notifies the Security Trustee that an Authorised Third Party appointed by the Security Trustee is implementing, administering or carrying out the duties and powers of the Security Trustee in breach of the terms and conditions of the relevant Operating Agreement pursuant to which such duties and powers are to be performed, the Security Trustee shall use its reasonable endeavours to appoint or facilitate the appointment of a substitute Authorised Third Party to implement, administer and carry out such duties and powers. The terms of appointment of an Authorised Third Party and the Security Trustee's responsibilities in relation thereto as set out in this Schedule 4 shall apply to the appointment of a substitute Authorised Third Party. Nothing in this Schedule constitutes the Security Trustee in its role as specified in this schedule as trustee or fiduciary for any person. The Security Trustee shall assume, until it receives notice thereof pursuant to the relevant Operating Agreement, that no Back-up Trigger Event has occurred and until such time that it receives such notification and is first indemnified and/or secured to its satisfaction, is not entitled to take any action in respect of the Back-up Functions under the Operating Agreements.