Common use of No Legal Title to Trust Property in Owner Clause in Contracts

No Legal Title to Trust Property in Owner. Legal title to all Trust Property shall be vested at all times in the Trust as a separate legal entity, except where the laws of any jurisdiction require title to be vested in a trustee in which case legal title shall be vested in the Owner Trustee on behalf of the Trust. If any portion of the Trust Property is deemed vested in the Owner Trustee, the Owner Trustee, upon an Authorized Officer having actual knowledge thereof, will immediately notify the Indenture Trustee and the Administrator, and the Administrator will cause to be filed such UCC financing statements and related filing documents or writings as are necessary to maintain the Indenture Trustee’s security interest in the Trust Property. The Owner Trustee shall have no duty or obligation to independently investigate whether legal title to any Trust Property is deemed vested in the Owner Trustee. The Owners shall not have legal title to any part of the Trust Property and shall only have an undivided beneficial interest therein. No transfer, by operation of law or otherwise, of any right, title and interest of the Owners in and to their undivided Beneficial Interests in the Trust Property hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or to the transfer to it of legal title to any part of the Trust Property.

No Legal Title to Trust Property in Owner. Legal title to all Trust Property shall be vested at all times in the Trust as a separate legal entity, except where the laws of any jurisdiction require title to be vested in a trustee in which case legal title shall be vested in the Owner Trustee on behalf of the Trust. If any portion of the Trust Property is deemed vested in the Owner Trustee, the Owner Trustee, upon an Authorized Officer having actual knowledge thereof, will immediately notify the Indenture Trustee and the Administrator, and the Administrator will cause to be filed such UCC financing statements and related filing documents or writings as are necessary to maintain the Indenture Trustee’s 's security interest in the Trust Property. The Owner Trustee shall have no duty or obligation to independently investigate whether legal title to any Trust Property is deemed vested in the Owner Trustee. The Owners shall not have legal title to any part of the Trust Property and shall only have an undivided beneficial interest therein. No transfer, by operation of law or otherwise, of any right, title and interest of the Owners in and to their undivided Beneficial Interests in the Trust Property hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or to the transfer to it of legal title to any part of the Trust Property.