No Default Clause Samples
The "No Default" clause defines the conditions under which a party is considered not to be in default under an agreement. Typically, this clause clarifies that as long as a party fulfills its obligations and no specified events of default have occurred, the party remains in good standing. For example, it may state that minor breaches or delays that are remedied within a certain period do not constitute a default. The core function of this clause is to provide certainty and reassurance to the parties by clearly outlining what does and does not amount to a default, thereby reducing the risk of disputes over technical or minor breaches.
POPULAR SAMPLE Copied 91 times
No Default. No Default or Event of Default has occurred and is continuing.
No Default. Neither the Borrower nor any Subsidiary is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
No Default. Neither the Borrower nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.
No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
No Default. No Default or Event of Default shall have occurred and be continuing.
No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date.
No Default. No event has occurred and is continuing that is a Default or Event of Default.
No Default. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied.
No Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after giving effect to this Amendment.