INCURABLE NON-MONETARY DEFAULT Sample Clauses
An "Incurable Non-Monetary Default" clause defines specific breaches of contract that cannot be remedied or corrected by the defaulting party. Typically, this applies to violations such as unauthorized disclosure of confidential information, illegal activities, or breaches of non-compete obligations, where the harm caused cannot be undone by subsequent actions or payments. The core function of this clause is to allow the non-breaching party to immediately exercise remedies, such as termination of the agreement, without providing an opportunity to cure the default, thereby protecting against irreparable harm or risks that cannot be reversed.
INCURABLE NON-MONETARY DEFAULT. A Default shall exist upon any of the following (each of which is an “Incurable Non-Monetary Default”):
INCURABLE NON-MONETARY DEFAULT. A Default shall exist upon any of the following (each of which is an “Incurable Non-Monetary Default”):
(a) Material Untruth or Misrepresentation The Lender’s discovery that any representation made by the Borrower in any Loan Document was materially untrue or misleading when made, if the misrepresentation either was intentional or is not capable of being cured as described in Subsection 10.3(a) below.