Common use of Limitations on Control Clause in Contracts

Limitations on Control. Notwithstanding any other ---------------------- provision of this Trust Agreement, but subject to the other provisions of this Article XII, from and after the Delivery Date and until termination of this Trust Agreement, (i) the Owner Participant shall not, except as otherwise provided in the second sentence of Section 5.01, have any voting rights or other rights to direct the Owner Trustee in connection with matters involving the ownership and operation of either Aircraft, Airframe N608FF or any part thereof by the Owner Trustee (collectively, "Control Rights"), and (ii) the Owner -------------- Trustee shall have absolute and complete discretion in all matters as to which the Owner Participant otherwise would have had any Control Rights, but for the provisions of this Article XII. Such discretion (x) is in addition to the discretion given to the Owner Trustee under the other Sections of this Trust Agreement, and (y) is expressly limited to the Control Rights that, but for the provisions of this Article XII, would be held or exercisable by the Owner Participant, and does not extend to any other rights, powers or privileges in respect of the beneficial interest of the Owner Participant in the Trust Estate.

Appears in 1 contract

Sources: Trust Agreement (Tower Air Inc)

Limitations on Control. Notwithstanding any other ---------------------- provision of this Trust Agreement, but subject to the other provisions of this Article XII, from and after the Delivery Date and until termination of this Trust AgreementAgreement and the trusts created hereby, (i) the Owner Participant shall not, except as otherwise provided in the second sentence of Section 5.01, not have any voting rights or other rights to direct the Owner Trustee hereunder in connection with matters involving the ownership and operation of either Aircraft, Airframe N608FF or any part thereof the Aircraft by the Owner Trustee (collectively, collectively "Control Rights"), ) and (ii) the Owner -------------- Trustee shall have absolute and complete discretion in all matters as to which the Owner Participant otherwise would have had any Control Rights, but for the provisions of this Article XII. Such discretion (xi) is in addition to the discretion given to the Owner Trustee under the other Sections Articles of this Trust Agreement, Agreement and (yii) is expressly limited to the Control Rights that, but for the provisions of this Article XII, would be held or exercisable by the Owner Participant, and does not extend to any other rights, powers or privileges in respect of the beneficial interest of the Owner Participant in the Trust Estate.

Appears in 1 contract

Sources: Trust Agreement (Southwest Airlines Co)