No Default under Material Indebtedness Sample Clauses

No Default under Material Indebtedness. No “Event of Default”, or event or condition which upon notice, lapse of time or both would, unless cured or waived, become such an “Event of Default”, in respect of Material Indebtedness of the Borrower and its Subsidiaries (excluding, for the avoidance of doubt, Corporate Express and its Subsidiaries) shall have occurred and be continuing as of the Effective Date.