The Supervisor. (a) must: (i) act honestly in acting as supervisor under this Deed; (ii) in exercising its powers and performing its duties as supervisor, act in the best interests of the Holders; (iii) exercise reasonable diligence in carrying out its functions as supervisor; (b) must do all the things it has the power to do to cause any contravention or alleged contravention of the Issuer Obligations in respect of the Deposits to be remedied unless it is satisfied that the contravention will not have a material adverse effect on the Holders; (c) subject to any court order made under section 210 of the FMCA, must act in accordance with any direction given by a Special Resolution of Holders that is not inconsistent with any enactment, rule of law or this Deed in relation to: (i) seeking a remedy to a contravention or alleged contravention of the Issuer Obligations in respect of the Deposits; and (ii) any other matter connected with the Supervisor’s functions; and (d) in exercising its powers and performing its duties as Supervisor, must exercise the care, diligence, and skill that a prudent person engaged in the business of acting as a licensed supervisor (as those terms are defined in the FMCA) would exercise in the same circumstances.
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Sources: Trust Deed, Trust Deed