Examples of NO DEFAULT in a sentence
FROM AND AFTER SUCH TIME AS ALL FIRST MORTGAGE BONDS (OTHER THAN COLLATERAL BONDS) ISSUED UNDER THE MORTGAGE INDENTURE HAVE BEEN RETIRED THROUGH PAYMENT, REDEMPTION OR OTHERWISE AT, BEFORE OR AFTER THE MATURITY THEREOF (THE “RELEASE DATE”), THE COLLATERAL BONDS SHALL CEASE TO SECURE THE SENIOR NOTES IN ANY MANNER PROVIDED THAT NO DEFAULT OR EVENT OF DEFAULT HAS OCCURRED AND AT SUCH TIME IS CONTINUING UNDER THE SENIOR INDENTURE.
Borrower shall have re-satisfied the conditions set forth in Sections 4.1.5 (PERFORMANCE; NO DEFAULT), 4.1.6 (APPROVAL OF LOAN DOCUMENTS AND SECURITY INTERESTS), and 4.1.7 (MATERIAL ADVERSE CHANGE) with respect to the requested Advance(s).
SECTION 13.3. PAYMENT PERMITTED IF NO DEFAULT............................................
IF AN INDEMNIFIED PERSON DETERMINES, IN ITS SOLE DISCRETION, THAT IT HAS OBTAINED A RECOVERY OF ANY OF THE AMOUNTS THAT BORROWER HAS PAID TO SUCH INDEMNIFIED PERSON UNDER THIS SECTION, THEN SO LONG AS NO DEFAULT OR EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING, THE INDEMNIFIED PERSON SHALL PAY OVER SUCH RECOVERY TO BORROWER NET OF ALL OUT OF POCKET EXPENSES OF SUCH INDEMNIFIED PERSON AND WITHOUT INTEREST.
NO DEFAULT OR EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING WHICH COULD HAVE A MATERIAL ADVERSE EFFECT.