Reliance on Opinion of Counsel. The Trustee shall, before taking any action under this Article XI, be entitled to receive an Opinion of Counsel, stating the legal effect of such action, the steps necessary to consummate the same and to perfect the Trustee's priority with respect to any Lien in connection therewith and that such action will not be in contravention of the provisions thereof or this Indenture and such opinion shall be full protection to the Trustee for any action taken or omitted to be taken in reliance thereon.
Appears in 3 contracts
Samples: Intercreditor Agreement (Peninsula Gaming Corp), Indenture (Louisiana Casino Cruises Inc), Sports Club Co Inc
Reliance on Opinion of Counsel. The Trustee shallwill, before taking any action under this Article XIV, be entitled to receive an Opinion of Counsel, stating the legal effect of such action, the steps necessary to consummate the same and to perfect the Trustee's priority with respect to any Lien in connection therewith and that such action will not be in contravention of the provisions thereof hereof or this Indenture and of the Collateral Security Documents. Any such opinion shall will be full protection to the Trustee for any action taken or omitted to be taken in reliance thereon.
Appears in 3 contracts
Samples: Indenture (Mercury Finance Co), Indenture (MFN Financial Corp), Indenture (Mercury Finance Co)
Reliance on Opinion of Counsel. The Trustee shall, before taking any action under this Article XI, be entitled to receive an Opinion of CounselCounsel at the expense of the Company, stating the legal effect of such action, the steps necessary to consummate the same and to perfect the Trustee's priority with respect to any Lien in connection therewith and that such action will not be in contravention of the provisions thereof or this Indenture hereof, and such opinion shall be full protection to the Trustee for any action taken or omitted to be taken in reliance thereon; provided, however, that the Trustee's action under this Article XI shall at all times be and remain subject to its duties and protections under Article VII.
Appears in 3 contracts
Samples: Indenture (Transtexas Gas Corp), Indenture (Transtexas Gas Corp), Indenture (Transtexas Gas Corp)
Reliance on Opinion of Counsel. The Trustee shall, before taking any action under this Article XI, be entitled to receive an Opinion of CounselCounsel at the expense of the Company, stating the legal effect of such action, the steps necessary to consummate the same and to perfect the Trustee's priority with respect to any Lien in connection therewith and that such action will not be in contravention of the provisions thereof or this Indenture hereof, and such opinion shall be full protection to the Trustee for any action taken or omitted to be taken in reliance thereon; provided that the Trustee's action under this Article XI shall at all times be and remain subject to its duties and protections under Article VII.
Appears in 1 contract
Samples: Transamerican Energy Corp