Common use of Third Party Enquiries Clause in Contracts

Third Party Enquiries. No person dealing with the Security Trustee, or any Receiver appointed by the Security Trustee, or with its or his attorneys or agents, shall be concerned to enquire whether any Event of Default has occurred to authorize the Receiver or the Security Trustee to act, or whether the right of the Security Trustee or any Receiver appointed by it to exercise any of the powers hereby conferred has arisen or become exercisable or not, or be concerned with notice to the contrary, or whether the security hereby constituted has become enforceable, or whether the power exercised, or purported to be exercised, has become exercisable, or whether any money remains due upon the security of this Deed, or as to the necessity or expediency of the stipulations and conditions subject to which any sale shall be made, or otherwise as to the propriety or regularity of any sale, calling-in, collection or conversion or power exercised, or to see to the application of any money paid to the Security Trustee, or to any Receiver, or its or his attorneys or managers or agents, and, in the absence of fraud or gross negligence on the part of such person, such dealing shall be deemed, so far as regards the safety and protection of such person, to be within the powers hereby conferred, and to be valid and effectual accordingly; and the remedy of the Chargor in respect of any irregularity or impropriety whatsoever in the exercise of such powers shall be in damages only.