Common use of Opinions as to Collateral Clause in Contracts

Opinions as to Collateral. (a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee, the Securities Administrator and the Owner Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and first priority security interest in the Collateral and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and first priority security interest effective.

Opinions as to Collateral. (a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee, the Securities Administrator and the Owner Trustee an Opinion of Counsel either stating to the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, hereto and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, statements as are necessary to perfect and make effective the first priority lien and first priority security interest in the Collateral of this Indenture, and reciting the details of such action, or stating that, in the opinion of such counsel, (ii) no such action is necessary to make such lien and first priority security interest effective.