A breach of a Loan Covenant that requires immediate cure. The Cure Rights and Cure Period will be stipulated in the Loan Agreement. Hard Defaults might be missing Interest payment (or a series of payments), or breaching the stipulated Loan-to-Value. If the Hard Default is not corrected within the given Cure Period, the Lender may consider the Loan to be Non-Performing and begin to take the appropriate Enforcement Action.