Common use of Limitations on Powers and Duties of Security Trustee Clause in Contracts

Limitations on Powers and Duties of Security Trustee. Notwithstanding any other provision of this Deed, unless and until there is an Event of Default, the Security Trustee has no powers, rights, duties or responsibilities other than: (a) (To hold on Trust): the duty to hold the Security Trust Fund on trust; (b) (To take the benefit of the Charge): the power to take the benefit of the Charge (but not to take any action to enforce the Charge); and (c) (Pre-Default Action): the power to perform a Pre-Default Action. Prior to the Security Trustee becoming aware of the occurrence of an Event of Default, the Security Trustee is not required to take and may not take any action under this Deed other than Pre-Default Actions.