Common use of Control by Certificateholders Clause in Contracts

Control by Certificateholders. (1) such Direction shall not be in conflict with any rule of law or with this Agreement and would not involve the Trustee in personal liability or expense, (2) the Trustee shall not determine that the action so directed would be unjustly prejudicial to the Certificateholders not taking part in such Direction, and (3) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such Direction.

Appears in 2 contracts

Samples: Pass Through Trust Agreement (Midway Airlines Corp), Pass Through Trust Agreement (Midway Airlines Corp)

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Control by Certificateholders. (1a) such Direction shall not in the opinion of the Trustee be in conflict with any rule of law or with this Agreement and would not involve the Trustee in personal liability or expense, (2b) the Trustee shall not determine that the action so directed would be unjustly prejudicial to the Certificateholders not taking part in such Direction, and (3c) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such Direction.

Appears in 1 contract

Samples: Pass Through Trust Agreement (Atlas Air Inc)

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