Common use of Trustee Status Clause in Contracts

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party under the Indenture Documents and with respect to the Notes (and not in its individual commercial capacity, except to the extent that it is or becomes a Holder). The Trustee shall not have any duties, obligations, or responsibilities to the Credit Facility Secured Party under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their acknowledgment hereof, the Issuers expressly agree that as between them and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers or of the Credit Facility Secured Party; (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers or counsel to the Credit Facility Secured Party, and shall have no liability for any action or omission taken in reliance thereon; and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 3 contracts

Samples: Intercreditor Agreement (Majestic Investor Capital Corp), Loan and Security Agreement (Majestic Investor Capital Corp), Pledge and Security Agreement (Majestic Investor Capital Corp)

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Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by each of the Original Trustee and the New Trustee are made solely in its capacity as trustee and secured party under the Indenture Documents and with respect to the Original Notes or New Notes, as applicable (and not in its individual commercial capacity, except to the extent that it is or becomes a New Holder or Original Holder). The Neither the Original Trustee nor the New Trustee shall not have any duties, obligations, or responsibilities to the Credit Facility any Secured Party under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, Original Trustee or the New Trustee with respect to the Issuers any Grantor, any Original Holder or any holder of any Subordinated Lien IndebtednessNew Holder, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Original Indenture or the New Indenture, and, by their its acknowledgment hereof, the Issuers each Grantor expressly agree agrees that as between them it on the one hand and the TrusteeOriginal Trustee and the New Trustee on the other hand, the Original Trustee and the New Trustee shall have such benefit with respect to all actions or omissions by the Original Trustee or the New Trustee pursuant to this Agreement. For all purposes of this Agreement, each of the Original Trustee and the New Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee it to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers Company or of the Credit Facility a Secured Party; (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers Company or counsel to the Credit Facility any Secured Party, and shall have no liability for any action or omission taken in reliance thereon; and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 2 contracts

Samples: Intercreditor and Collateral Agency Agreement (Xm Satellite Radio Inc), Intercreditor and Collateral Agency Agreement (Xm Satellite Radio Inc)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party under the Indenture Documents and with respect to the Notes (and not in its individual commercial capacity, except to the extent that it is or becomes a Holder). The Trustee shall not have any duties, obligations, or responsibilities to the Credit Facility Secured Party Senior Creditor under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers Issuer or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their acknowledgment hereof, the Issuers Issuer expressly agree agrees that as between them it and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers Issuer or of the Credit Facility Secured PartySenior Creditor; (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers Issuer or counsel to the Credit Facility Secured PartySenior Creditor, and shall have no liability for any action or omission taken in reliance thereon; and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 2 contracts

Samples: Intercreditor Agreement (TWC Holding Corp.), Intercreditor Agreement (Wornick CO Right Away Division, L.P.)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party collateral agent under the Indenture Documents and with respect to the Notes issued under the Indenture (and not in its individual commercial capacity, except to the extent that it is or becomes a Holderthe holder of any such Note). The Trustee shall not have any duties, obligations, or responsibilities to the Credit Facility Secured Party Lender under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers Borrower or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their its acknowledgment hereof, the Issuers Borrower expressly agree agrees that as between them itself and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers Borrower or of the Credit Facility Secured Party; Lender, (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers Borrower or counsel to the Credit Facility Secured PartyLender, and shall have no liability for any action or omission taken in reliance thereon; , and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 2 contracts

Samples: Intercreditor Agreement (Peninsula Gaming Corp), Intercreditor Agreement (Peninsula Gaming Corp)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the New Trustee are made solely in its capacity as trustee and secured party under the Indenture Documents and with respect to the New Notes (and not in its individual commercial capacity, except to the extent that it is or becomes a New Holder). The New Trustee shall not have any no duties, obligations, or responsibilities to the Credit Facility any Secured Party under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, New Trustee with respect to the Issuers any Grantor or any holder of any Subordinated Lien IndebtednessNew Holder, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the New Indenture, and, by their its acknowledgment hereof, the Issuers each Grantor expressly agree agrees that as between them it on the one hand and the TrusteeNew Trustee on the other hand, the New Trustee shall have such benefit with respect to all actions or omissions by the New Trustee pursuant to this Agreement. For all purposes of this Agreement, the New Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee it to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers Company or of the Credit Facility a Secured Party; (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers Company or counsel to the Credit Facility any Secured Party, and shall have no liability for any action or omission taken in reliance thereon; and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 2 contracts

Samples: Intercreditor and Collateral Agency Agreement (Xm Satellite Radio Inc), Intercreditor and Collateral Agency Agreement (Xm Satellite Radio Inc)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party under the Indenture Documents and with respect to the Notes (and not in its individual commercial capacity, except to the extent that it is or becomes a Holder). The Neither the Trustee nor the Credit Facility Secured Party shall not have any duties, obligations, obligations or responsibilities to the Credit Facility Secured other Party under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their acknowledgment hereof, the Issuers expressly agree that as between them and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, each of the Trustee and the Credit Facility Secured Party may (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee or the Credit Facility Secured Party, as applicable, to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Trustee, of the Issuers or of the Credit Facility Secured Party, as applicable; (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers or counsel to the Credit Facility Secured PartyParty or the Trustee, as applicable, and shall have no liability for any action or omission taken in reliance thereon; and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 1 contract

Samples: Intercreditor Agreement (Jalou Cashs LLC)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party collateral agent under the Indenture Documents and with respect to the Notes issued under the Indenture (and not in its individual commercial capacity, except to the extent that it is or becomes a Holderthe holder of any such Note). The Trustee shall not have any duties, obligations, or responsibilities to the Credit Facility Secured Party Lender under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their its acknowledgment hereof, the Issuers each Issuer expressly agree agrees that as between them itself and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers or of the Credit Facility Secured Party; Lender, (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers or counsel to the Credit Facility Secured PartyLender, and shall have no liability for any action or omission taken in reliance thereon; , and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.. Intercreditor Agreement

Appears in 1 contract

Samples: Intercreditor Agreement (Old Evangeline Downs Capital Corp)

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Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party collateral agent under the Indenture Documents and with respect to the Notes issued under the Indenture (and not in its individual commercial capacity, except to the extent that it is or becomes a Holderthe holder of any such Note). The Trustee shall not have any duties, obligations, or responsibilities to the Eligible Credit Facility Secured Party Lender under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers Borrower or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their acknowledgment its acknowledgement hereof, the Issuers Borrower expressly agree agrees that as between them itself and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may (a) conclusively rely in good faith, as to matters of fact, on any representation of fact believed by Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers Borrower or of the Eligible Credit Facility Secured Party; Lender, (b) conclusively rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers or counsel to the Credit Facility Secured Party, and shall have no liability for any action or omission taken in reliance thereon; , and (c) conclusively assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 1 contract

Samples: Intercreditor Agreement (Fitzgeralds Gaming Corp)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party under the Indenture Documents and with respect to the Notes (and not in its individual commercial capacity, except to the extent that it is or becomes a Holder). The Trustee shall not have any duties, obligations, or responsibilities to the Credit Facility Secured Party under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers RHC or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their acknowledgment hereof, the Issuers RHC expressly agree agrees that as between them it and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may may: (a) rely in good faith, as to matters of fact, on any representation of fact believed by Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers RHC or of the Credit Facility Secured Party; (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers RHC or counsel to the Credit Facility Secured Party, and shall have no liability for any action or omission taken in reliance thereon; and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 1 contract

Samples: Intercreditor Agreement (Riviera Holdings Corp)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the lien-subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party collateral agent under the Indenture Documents and with respect to the Notes issued under the Indenture (and not in its individual commercial capacity, except to the extent that it is or becomes a HolderHolder of any such Note). The Trustee shall not have any duties, obligations, or responsibilities to the Credit Facility Secured Party any Senior Lien Creditor or any Senior Lien Creditor Representative under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their its acknowledgment hereof, the Issuers each Issuer expressly agree agrees that as between them itself and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by the Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers or of the Credit Facility Secured Party; any Senior Lien Creditor or any Senior Lien Creditor Representative, (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers or counsel to the Credit Facility Secured Partyany Senior Lien Creditor or any Senior Lien Creditor Representative, and shall have no liability for any action or omission taken in reliance thereon; , and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, or other document believed by it in good faith to be genuine and presented by the proper person.

Appears in 1 contract

Samples: Intercreditor Agreement (Old Evangeline Downs Capital Corp)

Trustee Status. Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Trustee are made solely in its capacity as trustee and secured party under the Indenture Documents and with respect to the Notes (and not in its individual commercial capacity, except to the extent that it is or becomes a Holder). The Trustee shall not have any duties, obligations, obligations or responsibilities to the Administrative Agent or the Credit Facility Secured Party Lenders under this Agreement except as expressly set forth herein. Nothing in this Agreement shall be construed to operate as a waiver by the Trustee, with respect to the Issuers Company, any Guarantor or any holder of any Subordinated Lien Indebtedness, of the benefit of any exculpatory provisions, presumptions, indemnities, protections, benefits, immunities or reliance rights contained in the Indenture, and, by their acknowledgment hereof, the Issuers Company and the Guarantors expressly agree that as between them and the Trustee, the Trustee shall have such benefit with respect to all actions or omissions by the Trustee pursuant to this Agreement. For all purposes of this Agreement, the Trustee may (a) rely in good faith, as to matters of fact, on any representation of fact believed by the Trustee to be true (without any duty of investigation) and that is contained in a written certificate of any authorized representative of the Issuers Company or of the Credit Facility Secured PartyAdministrative Agent; (b) rely in good faith, as to matters of law, on any advice received from its legal counsel or an opinion of its counsel, counsel to the Issuers Company or counsel to the Credit Facility Secured PartyAdministrative Agent, and shall have no liability for any action or omission taken in reliance thereon; and (c) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, notice or other document believed by it in good faith to be genuine and presented by the proper personPerson.

Appears in 1 contract

Samples: Intercreditor Agreement (Penton Media Inc)

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