Common use of No Contractual Defaults Clause in Contracts

No Contractual Defaults. There are no defaults by any Borrower or, to the knowledge of any Warrantor, by any other Person under any contract to which any Borrower is a party relating to any Mortgaged Property, including any management, rental, service, supply, security, maintenance or similar contract, other than defaults which do not have, and are not reasonably expected to have, a Material Adverse Effect. No Borrower nor, to the knowledge of any Warrantor, any other Person, has received notice or has any knowledge of any existing circumstances in respect of which it could receive any notice of default or breach in respect of any contracts affecting or concerning any Mortgaged Property other than defaults which do not have, and are not reasonably expected to have, a Material Adverse Effect. No event has occurred and is continuing, or would result from the execution of this Agreement, or any other transaction contemplated hereby, which constitutes a Potential Event of Default or an Event of Default. There are no Potential Events of Default or Events of Default.