Common use of No Default or Event of Default exists Clause in Contracts

No Default or Event of Default exists. Neither the nature of BORROWER'S businesses or properties, nor any relationships in connection with the execution or delivery of the FINANCING AGREEMENTS is such as to require a consent, approval, license, permit or authorization of, or filing, registration, or qualification with, any governmental authority on the part of BORROWER as a condition to the execution and delivery of the FINANCING AGREEMENTS or any instrument, agreement or document contemplated hereby, or the performance by the BORROWER of the OBLIGATIONS.