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.
Appears in 17 contracts
Samples: Issuer Trust Deed (Granite Mortgages 02-2 PLC), Issuer Trust Deed (Granite Mortgages 03-1 PLC), Issuer Trust Deed (Granite Mortgages 03-2 PLC)
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 Note 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 Note Event of Default has happened and that the Current Master 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.
Appears in 2 contracts
Samples: Second Amended Issuer Trust Deed (Granite Finance Trustees LTD), Issuer Trust Deed (Granite Finance Funding 2 LTD)
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 Master 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.
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