Notes Assumption

Notes Assumption. Means the consummation of the transactions whereby Financing will assume, by way of merger of the Issuer with and into Financing, or otherwise, all of the obligations of the Issuer under the Notes and the Indenture and the Guarantors (subject, in the case of Level 3 LLC, to the receipt of requisite regulatory approvals) will guarantee the Notes and the Indenture pursuant to a supplemental indenture.