Continuing Default Clause Samples
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Continuing Default. If, despite action taken under section 13.1, a Defaulting Participant continues to be in default (including, a default in respect of the payment of a contribution or other sum due in respect of the Joint Venture) and that default continues for 20 Business Days after a trust for sale arises under section 13.1 or, on a fourth occasion within any continuous period of 2 years, a Participant becomes a Defaulting Participant, then, at the expiration of the period of 15 Business Days after notice is given by a Non-defaulting Participant to the Defaulting Participant that either of the foregoing events have occurred, if the Defaulting Participant is then still a Defaulting Participant the Participating Interest (including the right to saleable Product of the Defaulting Participant) will vest in the Operator, in trust, for sale and the trust for sale under section 13.1 will cease. After a trust for sale arises under this section 13.2, the non-defaulting Participant will have an option to purchase the Defaulting Participant's Participating Interest for a price equal to the average of the independent valuations of the defaulting Participant's Participating Interest performed by 2 independent experts. If the option granted under this section 13.2 is not exercised, the Operator must use reasonable efforts to dispose of the Participating Interest held in trust for sale for the best price reasonably obtainable from a purchaser willing to comply with section 12.4.
Continuing Default. A Default shall be deemed "continuing" until cured (if capable of cure) or until waived in writing in accordance with Section 9.3.
Continuing Default. Nothing contained in this paragraph 4E shall be deemed to constitute a consent to, or waiver of any Default or Event of Default arising under this Agreement as a result of, any Unpermitted Debt Incurrence. Any Default or Event of Default arising from such Unpermitted Debt Incurrence shall be deemed to be continuing following any Prepayment Offer (and any related prepayment of the Notes in connection therewith) made in connection with such Unpermitted Debt Incurrence, regardless of whether such Prepayment Offer is accepted or rejected by any holder of Notes.
Continuing Default. A Default is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been remedied or waived.
Continuing Default. If default shall be made by Tenant in the performance of or compliance with any of the covenants, agreements, terms, limitations or conditions hereof other than those referred to in the foregoing subsection A, and such default shall continue for a period of thirty (30) days after written notice thereof from Landlord to Tenant (provided, however, that if Tenant proceeds with due diligence during such thirty (30) day period to cure such default and is unable by reason of the nature of the work involved to cure the same within such period, but such default is reasonably susceptible of 42 being cured by Tenant, such period shall be extended by the time reasonably necessary to cure the same, as reasonably determined by Landlord).
Continuing Default. Each Default will be deemed continuing until it is waived in writing by, or cured to the written satisfaction of, the Lender.