Common use of No Default Under First Lien Clause in Contracts

No Default Under First Lien. Except as set forth on Schedule III-A, except for payment defaults of less than one (1) month, the related first lien loan is in full force and effect, and there is no default lien, breach, violation or event which would permit acceleration existing under such first lien mortgage or mortgage note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration under such first lien loan;

No Default Under First Lien. Except as set forth on Schedule IIIIV-A, except for payment defaults of less than one (1) month, the related first lien loan is in full force and effect, and there is no default lien, breach, violation or event which would permit acceleration existing under such first lien mortgage or mortgage note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration under such first lien loan;