No Legal Title to Trust Indenture Estate in Note Holders Sample Clauses
This clause establishes that note holders do not possess any legal ownership or title to the assets held within the trust indenture estate. Instead, the legal title to these assets remains with the trustee, who manages and administers the estate on behalf of the note holders. For example, even though note holders have a beneficial interest in the trust's assets, they cannot directly claim or control those assets. The core function of this clause is to clarify the separation between legal and beneficial ownership, ensuring that the trustee retains authority to act on behalf of all note holders and preventing individual note holders from interfering with the administration of the trust estate.
No Legal Title to Trust Indenture Estate in Note Holders. No holder of an Equipment Note shall have legal title to any part of the Trust Indenture Estate. No transfer, by operation of law or otherwise, of any Equipment Note or other right, title and interest of any Note Holder in and to the Trust Indenture Estate or hereunder shall operate to terminate this Trust Indenture or entitle such holder or any successor or transferee of such holder to an accounting or to the transfer to it of any legal title to any part of the Trust Indenture Estate.