Material Misrepresentation as of Effective Date Sample Clauses
The 'Material Misrepresentation as of Effective Date' clause establishes that the accuracy and truthfulness of statements or information provided by a party as of the contract's effective date are essential to the agreement. In practice, this clause applies to representations and warranties made by the parties, ensuring that no significant falsehoods or omissions exist at the time the contract becomes effective; for example, a seller in a business transaction must not conceal major liabilities or misstate financial information. The core function of this clause is to protect parties from entering into agreements based on false or misleading information, thereby allocating risk and providing grounds for remedies if material misrepresentations are discovered.
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Material Misrepresentation as of Effective Date. If the representations and warranties and other statements made by a Party hereunder misrepresent a material fact as of the Effective Date, and such misrepresentation has a material adverse effect and such effect is not cured within sixty (60) days from the earlier of (a) notice from the Non-Defaulting Party or (b) the discovery or determination by the Defaulting Party of the misrepresentation; except that if the Defaulting Party commences an action to cure such misrepresentation within such sixty (60)-day period, and thereafter proceeds with all due diligence to cure such failure, the cure period shall extend for an additional sixty (60) days.
Material Misrepresentation as of Effective Date. An Event of Default shall occur with respect to either Party if a Party misrepresents a material fact as of the Effective Date.
Material Misrepresentation as of Effective Date. If the representations and warranties and other statements made by a Party hereunder misrepresent a material fact as of the Effective Date, and such misrepresentation has a material adverse effect and such effect is not cured within 30 days from the earlier of (a) notice from the non-breaching Party and (b) the discovery or determination by the breaching Party of the misrepresentation; provided, that if the breaching Party commences an action to cure such misrepresentation within such 30-day period, and thereafter proceeds with all due diligence to cure such failure, the cure period shall extend for an additional 30 days.