No Default or Event Clause Samples
The "No Default or Event" clause serves to confirm that, at the time of agreement, neither party is currently in default nor has any event occurred that would constitute a default under the contract. In practice, this means each party represents that they are in good standing and have not breached any obligations or triggered any conditions that would lead to a default. This clause helps ensure that both parties are entering the agreement without unresolved issues, thereby reducing the risk of immediate disputes or enforcement actions after the contract is signed.
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No Default or Event of Default has occurred and is continuing as of the date hereof or after giving effect to the Loans to be made on the date hereof. [Borrower only]
No Default or Event of Default shall have occurred and be continuing as of the date this Amendment would otherwise take effect.
No Default or Event of Default has occurred and is continuing as of the date of this notice, and NAI does not anticipate that any Default or Event of Default will have occurred and be continuing on the date upon which the withdrawal is required.
No Default or Event of Default shall have occurred and be continuing at the time NAI gives the notice required by the preceding subsection or on the date upon which the withdrawal is required.
No Default or Event of Default exists under the Credit Agreement, except as indicated on a separate page attached hereto, together with an explanation of the action taken or proposed to be taken by the Borrower with respect thereto.
No Default or Event of Default has occurred and is continuing as of the date hereof or after giving effect to any Extensions of Credit requested to be made on the date hereof.
No Default or Event of Default has occurred and is continuing; and
No Default or Event of Default exists at the time, or would result from the funding, of any Loan or other extension of credit.
No Default or Event of Default has occurred and is continuing as of the date hereof after giving effect to the extensions of credit to be made on the date hereof. The undersigned Secretary of the Company hereby certifies as follows:
1. Attached hereto as Annex 1 is a true and complete copy of a certificate of good standing or the equivalent from the Company’s jurisdiction of organization dated as of a recent date prior to the date hereof.
2. Attached hereto as Annex 2 is a true and complete copy of resolutions/unanimous written consent duly adopted by the Board of Directors of the Company (or similar governing body) on April [ ], 2013, such resolutions have not in any way been amended, modified, revoked or rescinded, have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect and are the only corporate (or similar) proceedings of the Company now in force relating to or affecting the matters referred to therein.
3. Attached hereto as Annex 3 is a true and complete copy of the [operating agreement] [bylaws] of the Company as in effect on the date hereof.
No Default or Event of Default shall exist at the time of, and would not result from the funding of, any requested Loan, and no event shall have occurred and no condition shall exist since the Petition Date that has had or could reasonably be expected to have a Material Adverse Effect.