Common use of Absence of Existing Defaults Clause in Contracts

Absence of Existing Defaults. Neither the Company nor any of its subsidiaries is in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound that would reasonably be likely to result in a Material Adverse Effect;