Common use of Interests in the Nominee Vehicles Clause in Contracts

Interests in the Nominee Vehicles. Notwithstanding the fact that title to the Nominee Vehicles will be recorded in the name of the Nominee and that the Collateral Agent will be noted as the lienholder on the titles with respect to certain of the Nominee Vehicles pursuant to the Collateral Agency Agreement, the parties hereto each hereby acknowledge that: (a) except as set forth in subsection (b) below, HVF is entitled to all incidents, benefits and risks of ownership of the Nominee Vehicles, including, without limitation, the sole right to operate, rent, sell, lease and otherwise transfer and dispose of the Nominee Vehicles; and (b) the Nominee has no direct or indirect ownership or other interest in the Nominee Vehicles, except such rights and obligations with respect to the Nominee Vehicles as are required by the appointment of the Nominee as nominee titleholder with respect to the Nominee Vehicles as set forth herein.