Powers and Duties of the Property Trustee. (a) The legal title to the Class B Preferred Securities shall be owned by and held of record in the name of the Property Trustee in trust for the benefit of the Holders of the Trust Securities. The Property Trustee shall have the power to exercise all rights, powers and privileges with respect to the Class B Preferred Securities under the LLC Agreement as the holder of the Class B Preferred Securities. The right, title and interest of the Property Trustee to the Class B Preferred Securities shall vest automatically in each Person who may hereafter be appointed as Property Trustee in accordance with Section 6.06 hereof. Such vesting and cessation of title shall be effective whether or not conveyancing documents with regard to the Class B Preferred Securities have been executed and delivered.
Appears in 6 contracts
Samples: Trust Agreement (Deutsche Bank Capital Funding LLC IX), Trust Agreement (Deutsche Bank Contingent Capital LLC III), Trust Agreement (Deutsche Bank Contingent Capital LLC II)
