Common use of Powers and Duties of the Preferred Guarantee Trustee Clause in Contracts

Powers and Duties of the Preferred Guarantee Trustee. (a) This Preferred Securities Guarantee shall be held by the Preferred Guarantee Trustee for the benefit of the Holders, and the Preferred Guarantee Trustee shall not transfer its right, title and interest in this Preferred Securities Guarantee to any Person except a Holder exercising his or her rights pursuant to Section 5.4(b) or to a Successor Preferred Guarantee Trustee on acceptance by such Successor Preferred Guarantee Trustee of its appointment to act as Successor Preferred Guarantee Trustee. The right, title and interest of the Preferred Guarantee Trustee shall automatically vest in any Successor Preferred Guarantee Trustee, and such vesting and cessation of title shall be effective whether or not conveyancing

Powers and Duties of the Preferred Guarantee Trustee. (a) This Preferred Securities Guarantee Agreement shall be held by the Preferred Guarantee Trustee for the benefit of the Holders, Holders of the Preferred Securities and the Preferred Guarantee Trustee shall not transfer its right, title and interest in this Preferred Securities Guarantee Agreement to any Person except a Holder of Preferred Securities exercising his or her rights pursuant to Section 5.4(b) or to a Successor Preferred Guarantee Trustee on acceptance by such Successor Preferred Guarantee Trustee of its appointment to act as Successor Preferred Guarantee Trustee. The right, title and interest of the Preferred Guarantee Trustee shall automatically vest in any Successor Preferred Guarantee Trustee, Trustee and such vesting and cessation of title shall be effective whether or not conveyancingconveyancing documents have been executed and delivered.