Non-Monetary Default Clause Examples
A Non-Monetary Default clause defines what constitutes a breach of contract that does not involve the failure to pay money. This can include violations such as failing to perform required services, not providing necessary documentation, or breaching confidentiality obligations. The clause typically outlines the process for notifying the defaulting party and may provide a cure period to remedy the breach. Its core function is to ensure that all important obligations beyond payment are enforceable, providing a clear mechanism for addressing and resolving non-financial breaches.
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Non-Monetary Default. The occurrence of any of the following, except to the extent constituting a Monetary Default: (a) any failure of a Party to perform any of such Party’s obligations under this Agreement; (b) any failure of a Party to comply with any material restriction or prohibition in this Agreement; or (c) any other event or circumstance that, with passage of time or giving of Notice, or both, would constitute a breach of this Agreement by a Party.
Non-Monetary Default. If any representation or warranty provided for herein proves to be materially inaccurate, or if either party breaches any non-monetary covenant provided for herein or defaults in the performance of any non-monetary term, condition, or provision of this Agreement and the default is not cured within thirty (30) days (if capable of being cured within that time) after the non-defaulting party gives written notice to the defaulting party of such default, the non-defaulting party shall have the right to terminate this Agreement immediately upon the expiration of such thirty (30) day period. If the nature of the default is such that more that thirty (30) days are required for cure, the non-defaulting party shall have the right to terminate upon written notice if the defaulting party fails to commence efforts to cure such default within the thirty (30) day period and in any event such cure is not completed within 75 days of the commencement of such 30-day period.
Non-Monetary Default. If the default is of a non-monetary nature, each Junior Lender shall have the same period of time as Borrower under the Senior Loan Documents to cure such non-monetary default as if the first notice to Borrower of the same was the date of giving of a Senior Loan Default Notice with respect thereto (if such date is after the date on which Borrower is so notified) (“Non-Monetary Cure Period”); provided, however, if such non-monetary default cannot reasonably be cured within such period or if no cure period is provided and, if applicable, curative action was commenced within the initial cure period set forth in the Senior Loan Documents and, if there is a cure period, is being diligently pursued by a Junior Lender (or with respect to a non-monetary default that is not susceptible of cure and does not materially impair the value, use or operation of the Premises taken as a whole, all as determined in the reasonable judgment of Senior Lender (an “Senior Loan Uncurable Default”), if a Junior Lender shall be diligently pursuing the foreclosure of its Equity Collateral, as determined in the reasonable judgment of the Senior Lender), then such Junior Lender only shall be given an additional period of time as is reasonably necessary for such Junior Lender in the exercise of due diligence to cure such non-monetary default (or, in the case of any such Senior Loan Uncurable Default, then such Junior Lender shall be given an additional period of time only as is reasonably necessary for such Junior Lender in the exercise of due diligence to complete such foreclosure), for so long as (1) such Junior Lender diligently and expeditiously proceeds to cure such non-monetary default (or with respect to a Senior Loan Uncurable Default, if such Junior Lender shall be diligently pursuing the foreclosure of its Equity Collateral and such non-monetary default does not materially impair the value, use or operation of the Premises, all as determined in the reasonable judgment of Senior Lender), (2) timely payment of Senior Lender’s regularly scheduled monthly interest and amortization payments under the Senior Loan and any other amounts due under the Senior Loan Documents is made, (3) such additional period of time does not exceed sixty (60) days, unless such non-monetary default is of a nature that cannot be cured within such sixty (60) days without ownership of such Junior Lender’s Equity Collateral or is a Senior Loan Uncurable Default, in which case such Junior Lender shall have s...
Non-Monetary Default. Failure in the performance of any of the agreements, conditions, covenants, provisions or stipulations contained in the Loan Documents which is not cured within one hundred twenty (120) days from written notice thereof from the Lender to the Borrower.
Non-Monetary Default. Tenant's failure (other than a Monetary Default) to comply with any terms, covenants, conditions, and agreements of this Lease to be formed or observed by Tenant, if such failure is not cured within thirty (30) days after written notice to Tenant. However, if Tenant's failure to comply cannot reasonably be cured within thirty (30) days, Tenant shall be allowed additional time (not to exceed 60 days) as is reasonably necessary to cure the failure so long as:
a. Tenant commences to cure the failure within thirty (30) days, and
b. Tenant diligently pursues a course of action that will cure the failure and bring Tenant back into compliance with the Lease within the reasonable additional period (not to exceed 60 days). However, if Tenant's failure to comply creates a hazardous condition, the failure must be cured immediately upon notice to Tenant. In addition, if Landlord provides Tenant with notice of Tenant's failure to comply with any particular term, provision or covenant of the Lease on two (2) occasions during any 12 month period, Tenant's subsequent violation of such ·term, provision or covenant shall, at Landlord's option, be an incurable event of default by Tenant.
Non-Monetary Default. Any Non-Monetary Default, other than those specifically addressed in Section 2.21.2, Section 2.21.3, or Section 2.21.4, that is not cured within thirty (30) days after Notice to the Party in Default describing the Non-Monetary Default in reasonable detail. In the case of such a Non-Monetary Default that cannot with reasonable diligence be cured within thirty (30) days after the effective date of a Notice of Default, the Party asserted to be in Default shall only be in Default if such Party does not do all of the following: (a) within thirty (30) days after Notice of such Non-Monetary Default, advise the other Party of the intention of the Party in Default to take all reasonable steps to cure such Non-Monetary Default;
Non-Monetary Default. If a Non-Monetary Default shall occur and the Non-Monetary Default shall continue and not be remedied by Tenant within ninety (90) days after Landlord shall have delivered to Tenant a Notice describing the same in reasonable detail, or, in the case of a Non-Monetary Default that cannot with due diligence be cured within ninety (90) days from such Notice, if Tenant shall not (x) within ninety (90) days from Landlord's Notice advise Landlord of Tenant's intention to take all reasonable steps necessary to remedy such Non-Monetary Default; (y) duly commence the cure of such Non-Monetary Default within such period, and then diligently prosecute to completion the remedy of the Non-Monetary Default; and (z) complete such remedy within a reasonable time under the circumstances.
Non-Monetary Default. A violation by the Student of any of the other terms and conditions of this Agreement, unless such violation is, in the College’s sole judgment, curable and the Student does cure such violation to the College’s satisfaction during the Three-Day Period;
Non-Monetary Default. Any Non-Monetary Default, other than those specifically addressed in Section 2.29.2 or Section 2.29.3 that is not cured within thirty (30) days after Notice to the Party in Default describing the Non-Monetary Default in reasonable detail. In the case of such a Non-Monetary Default that cannot with reasonable diligence be cured within thirty (30) days after the effective date of a Notice of Default, the Party asserted to be in Default shall only be in Default if such Party does not do all of the following: (a) within thirty (30) days after Notice of such Non-Monetary Default, advise the other Party of the intention of the Party in Default to take all reasonable steps to cure such Non-Monetary Default; (b) duly commence such cure within such thirty (30) day period; and (c) diligently prosecute such cure to completion within a reasonable time under the circumstances.
Non-Monetary Default. Should either APT or Loral Orion fail to cure a material breach of any provisions of this Agreement (other than provisions regarding payment of monies, which are provided for in Paragraph 20.1 above) within forty-five (45) days after receipt of written notice from the other party outlining such breach, then the other, non-breaching party shall have the right to terminate this Agreement (but, for the PROPRIETARY avoidance of doubt, without prejudice to the APT Leasehold Interest) and to claim damages from the party in breach in accordance with the provisions of Paragraph 20.4 hereof.