Common use of Debt assumptions Clause in Contracts

Debt assumptions. (a) Each Notes Trustee is entitled to assume that in respect of the Senior Liabilities and the Senior Parent Liabilities: (i) no Senior Payment Default has occurred; (ii) no Second Lien Payment Default has occurred; (iii) none of the Senior Creditor Liabilities, Second Lien Liabilities or Senior Parent Liabilities have been accelerated; (iv) no Default, Event of Default or termination event (however described) has occurred; and (v) neither the First/Second Lien Discharge Date nor the Senior Parent Discharge Date has occurred, unless a Responsible Officer of the relevant Notes Trustee has actual knowledge to the contrary. (b) No Notes Trustee is obliged to monitor or enquire whether any Event of Default has occurred.

Debt assumptions. (a) Each Notes Trustee is entitled to assume that in respect of the Senior Liabilities and the Senior Parent Liabilities: (i) no Senior Payment Default has occurred; (ii) no Second Lien Payment Default has occurred; (iii) none of the Senior Secured Creditor Liabilities, Second Lien Liabilities or Senior Parent Liabilities have been accelerated; (iv) no Default, Event of Default or termination event (however described) has occurred; and (v) neither the First/Second Lien Primary Discharge Date nor the Senior Parent Discharge Date has occurred, unless a Responsible Officer of the relevant Notes Trustee has actual knowledge to the contrary. (b) No Notes Trustee is obliged to monitor or enquire whether any Event of Default has occurred.