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.
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.
No Current Default. Contractor is not currently in default of the Agreement. 2142 17.02 Billing Audit and Performance Reviews.
No Current Default. CONTRACTOR is not currently in default of the Agreement.
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.
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.