Common use of Knowledge of Default Clause in Contracts

Knowledge of Default. It is expressly understood and agreed that the Agent and each Issuing Bank shall be entitled to assume that no Default or Event of Default has occurred and is continuing, unless the Agent or such Issuing Bank has been notified by a Lender in writing that such Lender believes that a Default or Event of Default has occurred and is continuing and specifying the nature thereof.

Knowledge of Default. It is expressly understood and agreed that the Administrative Agent and each the Issuing Bank shall be entitled to assume that no Default or Event of Default has occurred and is continuing, unless the Administrative Agent or such the Issuing Bank has been notified by a Lender in writing that such Lender believes that a Default or Event of Default has occurred and is continuing and specifying the nature thereof.

Knowledge of Default. It is expressly understood and agreed that the Agent Agents and each Issuing Bank shall be entitled to assume that no Default or Event of Default has occurred and is continuing, unless the Agent Agents or such Issuing Bank has been notified by a Lender in writing that such Lender Xxxxxx believes that a Default or Event of Default has occurred and is continuing and specifying the nature thereof.

Knowledge of Default. It is expressly understood and agreed that the Administrative Agent and each Issuing Bank shall be entitled to assume that no Default or Event of Default has occurred and is continuing, unless the Administrative Agent or such Issuing Bank has been notified by a Lender in writing that such Lender believes that a Default or Event of Default has occurred and is continuing and specifying the nature thereof.

Knowledge of Default. It is expressly understood and agreed that if the Agent and each Issuing Bank has not been notified by the Borrowers in writing that an Event of Default or Potential Default has occurred, the Agent shall be entitled to assume that no Event of Default or Event of Potential Default has occurred and is continuing, continuing unless the Agent or such Issuing Bank has been notified by a Lender Bank in writing that such Lender believes Bank considers that a an Event of Default or Event of Potential Default has occurred and is continuing and specifying the nature thereof.