Common use of NO DEFAULTS OR LITIGATION Clause in Contracts

NO DEFAULTS OR LITIGATION. 3.1 The Borrower has not committed to any agreement to which it is a party or by which it is bound, a default of which might have a material adverse effect on the business, assets or financial condition of the Borrower save as in the ordinary course of the Borrower’s business. 3.2 The Borrower is not in default in the payment or performance of any of its obligations for borrowed money and no such default is, to the best of the knowledge and belief of the Borrower, anticipated in respect of the Borrower. 3.3 There are no appeals, disputes or other proceedings pending before any court, tribunal, government agency or administrative body, or to the best of the knowledge and belief of the Borrower threatened against or affecting the Borrower which if adversely determined would materially and adversely affect the Borrower, its assets, its ability to perform its obligations under any agreement to which the Borrower is a party or impair the rights of the Borrower. 3.4 The Borrower has complied with all applicable laws and with the requirements of all government authorities having jurisdiction over the Borrower. 3.5 No legal procedure has been started nor have any legal proceedings been initiated or, to the best of the knowledge and belief of the Borrower, threatened, for the bankruptcy, dissolution, liquidation, winding-up, termination of existence or reorganisation of, or for the appointment of a receiver, manager (judicial or otherwise), trustee or similar officer of the Borrower or any or all of its assets, which might have a material adverse effect on the business, assets or financial condition of the Borrower.