Your principal obligation is to your students. You are supposed to be assisting the professor, but usually you end up serving as a buffer between the professor and the students. Be aware that most students will feel more at ease talking to you than to the professor. Sometimes, students will go to you rather than the professor because they are more comfortable with that.
The TA can help the professor keep in touch with the class by relaying the questions and concerns of the students. You let the professor know when and why the students are unhappy. At the same time, the TA helps the students by working closely with them and helping them understand things that they find confusing. You also help the students understand the material in the course that the professor explained but wasn't understood. It is not uncommon for a TA to feel caught in the middle of a tug-of-war between the students and the professor. Feel free to talk to the instructor, Frankye, or other graduate students about potential problems of this kind.