Common use of Permitted assurance and receipts Clause in Contracts

Permitted assurance and receipts. Nothing in this Agreement shall restrict the ability of any Primary Creditor to: (a) arrange with any person which is not a member of the NAC Obligor Group any assurance against loss in respect of, or reduction of its credit exposure to, a Debtor (including assurance by way of credit based derivative or sub-participation); or (b) make any assignment or transfer permitted by Clause 18 (Changes to the Parties), which is permitted by: (i) the Super Senior Credit Facility Agreement(s); and (ii) the Pari Passu Facility Agreement(s) and the Pari Passu Note Purchase Agreement(s); and and that Primary Creditor shall not be obliged to account to any other Party for any sum received by it as a result of that action.

Permitted assurance and receipts. Nothing in this Agreement shall restrict the ability of any Primary Creditor to: (a) arrange with any person which is not a member of the NAC Obligor Group any assurance against loss in respect of, or reduction of its credit exposure to, a Debtor (including assurance by way of credit credit-based derivative or sub-participation); or (b) make any assignment or transfer permitted by Clause 18 20 (Changes to the Parties), which is permitted bywhich: (i) is: (A) expressly permitted by the Super Senior Credit Facility Agreement(s); and (iiB) not prohibited by the Pari Passu Facility Agreement(s) and the Pari Passu Note Purchase Agreement(sIndenture(s); and . and that Primary Creditor shall not be obliged to account to any other Party for any sum received by it as a result of that action.