No Current Default Clause Samples

The "No Current Default" clause serves to confirm that, at the time of entering into the agreement, neither party is in breach of any material obligations under the contract or any related agreements. In practice, this means that both parties are affirming they have not failed to perform any duties that would constitute a default, such as missing payments or violating key terms. This clause helps ensure that the agreement is being made on a clean slate, reducing the risk of disputes arising from pre-existing issues and providing assurance that both parties are in good standing at the outset.
No Current Default. Contractor is not currently in default of the Agreement.
View SourceView Similar (3)
No Current Default. Except as set forth in Schedule 2.20(d), none of the Companies is currently in default and the Shareholder has no knowledge of the occurrence of any event which may cause any of the Companies to default upon any obligation arising under any construction agreement, or that would trigger the right of any person or entity to claim payment under any performance bond, payment bond, fidelity bond, bid bond, federal Mill▇▇ ▇▇▇ bond or state law bond patterned after the federal Mill▇▇ ▇▇▇, or other form of surety bond listing any of the Companies as principal.
View SourceView Similar (3)
No Current Default. Contractor is not currently in default of the Agreement. 2142 17.02 Billing Audit and Performance Reviews.
View SourceView Similar (2)
No Current Default. CONTRACTOR is not currently in default of the Agreement.
View Source
No Current Default. As of the Effective Date, Company is not in default under any Existing Debt Agreement. Further, any and all prior defaults, if any, under any Existing Debt Agreement are unconditionally and irrevocably waived as of the Effective Date of this Agreement by Lender.
View Source
No Current Default. The Seller is not in violation of any term of its Certificate of Incorporation or Bylaws. Except as may be disclosed on Schedule 4.1(f) hereto, and except where the failure to comply would not have a Material Adverse Effect, the Seller has complied in all respects with all agreements, leases, contracts, licenses, instruments, notes, mortgage, indentures, or other obligations, commitments, understandings, undertakings and arrangements, whether written or oral ("Contracts") to which the Seller is a party or by which the Seller or its assets are bound or subject. There does not currently exist any event of default under any such agreement or any event which, after notice or lapse of time or both, would constitute an event of default under such agreement, plan, arrangement or commitment, in each case to the extent that such failure to comply, event of default or event that would constitute an event of default would result in a Material Adverse Effect.
View Source

Related to No Current Default

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Covenant Default (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.5, 6.7, 6.8, 6.9, 6.10(b), 6.12, 6.13 or violates any covenant in Section 7; or (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above;