Common use of No US Default Clause in Contracts

No US Default. Each US Loan Party shall be in compliance in all material respects with all the terms and provisions set forth herein and in each other Loan Document to which it is a party on its part to be observed or performed, and, at the time of and immediately after giving effect to such US Loan or such issuance, increase or extension of any Letter of Credit, as applicable, and the application of the proceeds thereof, no US Default or US Event of Default shall have occurred and be continuing on such date;

No US Default. Each US Loan Party shall be in compliance in all material respects with all the terms and provisions set forth herein and in each other Loan Document to which it is a party on its part to be observed or performed, and, at the time of and immediately after giving effect to such US Loan or such issuance, increase or extension of any Letter of Credit, as applicable, and the application of the proceeds thereof, no US Default or US Event of Default shall have occurred and be continuing on such date;.