No Default (f) Sample Clauses
The "No Default (f)" clause establishes that a party is not considered in default under the agreement if certain specified conditions are met. Typically, this clause outlines exceptions or circumstances—such as minor breaches, delays caused by force majeure, or issues that are promptly remedied—under which a technical breach does not trigger default remedies. By clarifying what does not constitute a default, the clause provides both parties with greater certainty and prevents unnecessary escalation of minor or quickly resolved issues, thereby ensuring smoother contract performance and reducing the risk of disproportionate penalties.
No Default (f). Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with notice or lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable as of the Cut-Off Date.