Common use of Material Contract Defaults Clause in Contracts

Material Contract Defaults. IACH is not in default in any material respect under the terms of any outstanding contract, agreement, lease, or other commitment which is material to the business, operations, properties, assets or condition of IACH and there is no event of default in any material respect under any such contract, agreement, lease, or other commitment in respect of which IACH has not taken adequate steps to prevent such a default from occurring except as disclosed in it’s filings.

Material Contract Defaults. IACH is not in default in any material respect under the terms of any outstanding contract, agreement, lease, or other commitment which is material to the business, operations, properties, assets or condition of IACH and there is no event of default in any material respect under any such contract, agreement, lease, or other commitment in respect of which IACH has not taken adequate steps to prevent such a default from occurring except as disclosed in it’s its filings.