Common use of No Default or Breach; Contractual Obligations Clause in Contracts

No Default or Breach; Contractual Obligations. Except as set forth on Schedule 4.9, no Seller has received notice of a default and no Seller is in default under, or with respect to, any Contractual Obligation involving or affecting the Assets or which default would adversely affect any Seller's ability to meet its obligations hereunder or consummation of the Contemplated Transaction, nor does any condition exist that with notice or lapse of time or both would constitute a default thereunder. All such Contractual Obligations of the Sellers are valid and legally binding obligations of the parties thereto, enforceable in accordance with their terms, and are subsisting, in full force and effect and binding upon the relevant Seller and the other parties thereto, and the relevant Seller has paid in full or accrued all amounts due thereunder and has satisfied in full or provided for all of its liabilities and obligations thereunder. To the knowledge of the Seller, no other party to any such Contractual Obligation is in violation of or in default thereunder, nor does any condition exist that with notice or lapse of time or both would constitute a default by such other party thereunder.