Assumption of No Default. Except to the extent required pursuant to Section 315(b) of the Trust Indenture Act, the Note Trustee shall not be bound to ascertain whether any Current Issuer Note Event of Default or Potential Current Issuer Event of Default has happened and, until it shall have actual knowledge or express notice to the contrary, the Note Trustee shall be entitled to assume that no such Current Issuer Note Event of Default or Potential Current Issuer Event of Default has happened and that the Current Issuer is observing and performing all the obligations on its part under the Current Issuer Notes and these presents and no event has happened as a consequence of which any Current Issuer Notes may become repayable.
Assumption of No Default except to the extent required pursuant to section 315(b) of the Trust Indenture Act, the Note Trustee shall not be bound to give notice to any person of the execution of any documents comprised or referred to in these presents or to take any steps to ascertain whether any Note Event of Default has happened and, until it shall have actual written notice pursuant to these presents to the contrary, the Note Trustee shall be entitled to assume that no Note Event of Default has occurred and that the First Issuer is observing and performing all of its obligations under these presents;
Assumption of No Default. (a) The Security Trustee shall not be bound to ascertain whether any Intercompany Loan Event of Default or Potential Intercompany Loan Event of Default has happened and, until it shall have actual knowledge or express notice to the contrary, the Security Trustee shall be entitled to assume that no such Intercompany Loan Event of Default or Potential Intercompany Loan Event of Default has happened and that Funding is observing and performing all the obligations on its part contained in each Intercompany Loan Agreement and no event has happened as a consequence of which any Intercompany Loan may become repayable.
(b) The Security Trustee shall not be bound to ascertain whether any Completion Event or any failure by the Seller to comply with any of its obligations under the Mortgage Sale Agreement or any event which with the giving of notice or expiry of any grace period or certification as specified in respect of such Completion Event or Seller failure of its obligations would constitute the same has happened and, until it shall receive express notice to the contrary from any party to the Transaction Documents, the Security Trustee shall be entitled to assume that no such Completion Event or Seller failure of its obligations or such other event as described above has happened and that Funding, the Administrator or the Seller (as the case may be) is observing and performing all of their respective obligations contained in each of the Transaction Documents to which they are a party.
(c) The Security Trustee shall not be bound to ascertain whether any material breach of any of the Representations and Warranties referred to in Clause 8 of the Mortgage Sale Agreement or any event which with the giving of notice or expiry of any grace period or certification as specified in such representation and warranties would constitute the same has happened and, until it shall receive express notice to the contrary from any party to the Transaction Documents, the Security Trustee shall be entitled to assume that no such breach or such other event as described above has happened and that the Seller is observing and performing its obligations contained in the Mortgage Sale Agreement.
(d) The Security Trustee shall not be bound to ascertain whether any termination event under the Administration Agreement or any event which with the giving of notice or expiry of any grace period or certification as specified in respect of such termination event would constitute the same has happ...
Assumption of No Default. Except as herein otherwise expressly provided, the Ninth Issuer Security Trustee shall be and is hereby authorised to assume without enquiry, and it is hereby declared to be the intention of the Ninth Issuer Security Trustee that it shall assume without enquiry, that the Ninth Issuer and each of the other parties thereto is duly performing and observing all the covenants and provisions contained in this Deed and the other Ninth Issuer Transaction Documents to be performed and observed on their parts and that no event has occurred which constitutes a Ninth Issuer Note Event of Default or a Potential Ninth Issuer Note Event of Default or which would cause a right or remedy to become exercisable, whether by Funding, the Ninth Issuer or the Ninth Issuer Security Trustee, under or in respect of any of the Ninth Issuer Transaction Documents.
Assumption of No Default. The Issuer Security Trustee shall not be bound to ascertain whether any Note Event of Default or Potential Note Event of Default has happened and, until it shall have actual knowledge or express notice to the contrary, the Issuer Security Trustee shall be entitled to assume that no such Note Event of Default or Potential Note Event of Default has happened and that the Master Issuer is observing and performing all the obligations on its part under the Issuer Notes and this Deed and no event has happened as a consequence of which any Issuer Notes may become repayable.
Assumption of No Default. Except as herein otherwise expressly provided, the Bond Trustee will be and is hereby entitled to assume without enquiry, and it is hereby declared to be the intention of the Bond Trustee that it will assume without enquiry, unless it has written notice or actual knowledge thereof, that the Guarantor and each of the other parties thereto is duly performing and observing all the covenants and provisions contained in this Agreement and the other Transaction Documents to be performed and observed on their parts and that no event has occurred which constitutes a Guarantor Event of Default or a Potential Guarantor Event of Default or which would cause a right or remedy to become exercisable, whether by the Guarantor, the Issuer or the Bond Trustee, under or in respect of any of the Transaction Documents.
Assumption of No Default. Except as herein otherwise expressly provided, the Security Trustee shall be and is hereby authorised to assume without enquiry, and it is hereby declared to be the intention of the Security Trustee that it shall assume without enquiry, that the Sixth Issuer and each of the other parties thereto is duly performing and observing all the covenants and provisions contained in this Deed and the other Transaction Documents to be performed and observed on their parts and that no event has occurred which constitutes a Sixth Issuer Note Event of Default or a Potential Sixth Issuer Note Event of Default or which would cause a right or remedy to become exercisable, whether by Funding 1, the Sixth Issuer or the Security Trustee, under or in respect of any of the Transaction Documents.
Assumption of No Default. Except as herein otherwise expressly provided, the Security Trustee shall be and is hereby authorised to assume without enquiry, and it is hereby declared to be the intention of the Security Trustee that it shall assume without enquiry, that the Fourth Issuer and each of the other parties thereto is duly performing and observing all the covenants and provisions contained in this Deed and the other Transaction Documents to be performed and observed on their parts and that no event has occurred which constitutes a Fourth Issuer Note Event of Default or a Potential Fourth Issuer Note Event of Default or which would cause a right or remedy to become exercisable, whether by Funding 1, the Fourth Issuer or the Security Trustee, under or in respect of any of the Transaction Documents.
Assumption of No Default. Except as herein otherwise expressly provided, the Security Trustee shall be and is hereby authorised to assume without enquiry, and it is hereby declared to be the intention of the Security Trustee that it shall assume without enquiry, that Funding 2 and each of the other parties thereto is duly performing and observing all the covenants and provisions contained in this Deed and the other Transaction Documents and on its part to be performed and observed and that no event has occurred which constitutes a Potential Master Intercompany Loan Event of Default or Master Intercompany Loan Event of Default or which would cause a right or remedy to become excisable, whether by Funding 2 or the Security Trustee, under or in respect of any of the Transaction Documents.
Assumption of No Default. Except as herein otherwise expressly provided, the Security Trustee shall be and is hereby authorised to assume without enquiry, and it is hereby declared to be the intention of the Security Trustee that it shall assume without enquiry, that the Second Issuer and each of the other parties thereto is duly performing and observing all the covenants and provisions contained in this Deed and the other Transaction Documents to be performed and observed on their parts and that no event has occurred which constitutes a Second Issuer Note Event of Default or a Potential Second Issuer Note Event of Default or which would cause a right or remedy to become exercisable, whether by Funding 1, the Second Issuer or the Security Trustee, under or in respect of any of the Transaction Documents.
