Incurable Default definition
Incurable Default means a Default that is by its nature or by reason of prevailing circumstances incapable of being cured in all material respects, but does not include any Default that is a failure to carry out a particular obligation by a particular date or within a particular period where it is possible to subsequently perform that obligation, albeit not by or within the relevant date or period;
Incurable Default. Collectively or individually, as the context may require, the defaults referred to in Sections 16.1(c), 16.1(d), 16.1(e), 16.1(h) (as to judgments against Guarantor only), 16.1(i), 16.1(n) and 16.1(r) and any other defaults not reasonably susceptible to being cured by a Permitted Leasehold Mortgagee or a subsequent owner of the Leasehold Estate through foreclosure thereof.
Incurable Default means (i) any voluntary or involuntary sale, assignment, encumbering or transfer in violation of the covenants of Section 30 the Security Deed or (ii) if Maker or its general partner should make an assignment for the benefit of creditors, become insolvent, or file a petition in bankruptcy (including but not limited to, a petition seeking a rearrangement or reorganization).
Examples of Incurable Default in a sentence
Nothing herein contained shall require any Permitted Leasehold Mortgagee to cure any Incurable Default in order to comply with the provisions of Sections 17.1(d) and 17.1(e), or as a condition of entering into the New Lease provided for by Section 17.1(f).
Notwithstanding any provision contained herein or in any other Loan Document to the contrary, Bank shall have the absolute right to refuse to make, and shall be under no obligation to make, any further Advances upon the occurrence and during the continuance of any Payment Default, any Financial Covenant Default or any Incurable Default.
Lender shall have no obligation to give Borrower notice of any Incurable Default (as hereinafter defined) prior to exercising its right, power and privilege to accelerate the maturity of the indebtedness secured hereby.
Lender shall have no obligation to give Borrower notice of, or any period to cure, any Monetary Default or any Incurable Default (as hereinafter defined) prior to exercising its rights, powers, privileges and remedies.
Lender shall have no obligation to give Grantor notice of, or any period to cure, any Monetary Default or any Incurable Default (as hereinafter defined) prior to exercising its rights, powers, privileges and remedies.
More Definitions of Incurable Default
Incurable Default as used herein means any default which cannot be cured by a Subleasehold Mortgagee. The term "curable default" means any default under this Sublease which is not an incurable default. In the event of any curable default under this Sublease, and if prior to the expiration of the applicable grace period specified in subparagraph (2) of this Section, the Subleasehold Mortgagee shall give Sublessor written notice that it intends to undertake the curing of such default, or to cause the same to be cured, or to exercise its rights to acquire the leasehold interest of Sublessee by foreclosure or otherwise, and shall immediately commence and then proceed with all due diligence to do so, whether by performance on behalf of Sublessee of its obligations under this Sublease, or by entry on the Subleased Premises by foreclosure or otherwise, then Sublessor will not terminate or take any action to effect a termination of this Sublease or re-enter; take possess6on of or relet the Subleased Premises or similarly enforce performance of this Sublease as long as the Subleasehold Mortgagee is, with all due diligence and in good faith, engaged in the curing of such default, or effecting such foreclosure, provided, however, that the Subleasehold Mortgagee shall not be required to continue such possession or continue such foreclosure proceedings if such default shall be cured, Nothing herein shall preclude Sublessor from terminating this Sublease with respect to any additional default which shall occur during the aforesaid period of forbearance arid not 1;e remedied within the period of grace, if any, applicable to any such additional default provided that Sublessor provides the Subleasehold Mortgagee with notice and opportunity to cure any such additional default.
Incurable Default means a Default set forth in paragraphs (D) through (L), inclusive, of Section 9.1 of this Agreement.
Incurable Default. Collectively or individually, as the context may require, any defaults not reasonably susceptible to being cured by a Permitted Leasehold Mortgagee or a subsequent owner of the Leasehold Estate through foreclosure thereof, including the defaults referred to in Sections 16.1(c), 16.1(d), 16.1(e), 16(f), 16.1(g), 16.1(h) and 16.1(l).
Incurable Default means either: (i) any voluntary or involuntary sale, assignment, mortgaging, encumbering or transfer in violation of the covenants contained herein; or
Incurable Default means a Default that cannot be cured within the time period allowing for cure or by its nature is incapable of being cured.
Incurable Default means a Default that cannot be cured within the time period allowing for cure or by its nature is incapable of being
Incurable Default means either: (i) any voluntary or involuntary sale, assignment, mortgaging, encumbering or transfer of the Property or ownership interests in Borrower in violation of the covenants contained herein or any of the other Loan Documents; or (ii) if Borrower should breach any of the provisions of Section 22 of this Mortgage. The failure or omission on the part of Lender to exercise the option for acceleration of maturity of the Note and foreclosure of this Mortgage during the continuance of any Event of Default as aforesaid or to exercise any other option or remedy granted hereunder to Lender when entitled to do so in any one or more instances, or the acceptance by Lender of partial payment of the Loan, whether before or subsequent to an Event of Default hereunder, shall not constitute a waiver of any such Event of Default or the right to exercise any such option or remedy, but such option or remedy shall remain continuously in force. Acceleration of the maturity of the Note, once claimed hereunder by Lender, at the option of Lender, may be rescinded by written acknowledgment to that effect by Lender, but the tender and acceptance of partial payments alone shall not in any way either affect or rescind such acceleration of maturity, nor act as a waiver, accord and satisfaction, modification, novation or similar defense.