7No Default Clause Samples
The "No Default" clause establishes that, as of the effective date of the agreement, neither party is in breach or default under any of their obligations. In practice, this means that both parties affirm they have complied with all relevant terms in prior or related agreements and are not currently subject to any events that would constitute a default. This clause provides assurance to both sides that the agreement is being entered into in good standing, thereby reducing the risk of immediate disputes or enforcement actions due to pre-existing issues.
7No Default. No Default or Event of Default has occurred and is continuing.
7No Default. No Default or Event of Default has occurred and is continuing, nor shall either result from the making of a requested Credit Extension.
7No Default. The Borrower is not in default under or with respect to any of its Contractual Obligations, including without limitation, those under the Indenture in any respect which would have a Material Adverse Effect. No Event of Default has occurred and is continuing.
7No Default. No Group Member is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.
7No Default. Neither the Borrower nor any Restricted Subsidiary is in default under or with respect to any Contractual Obligation that would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
7No Default. No Loan Party is, or will be upon consummation of the transactions contemplated herein, in default under or with respect to any of its Contractual Obligations in any respect, including, without limitation, under any Material Contract. No Default or Event of Default has occurred and is continuing, nor shall either result from the making of a requested Term Loan. As of the Closing Date and as of each other BorrowingFirst Amendment Effective Date, each of the Material Contracts of the Loan Parties are set forth on Schedule 3.7 attached hereto.