Common use of Default Status Clause in Contracts

Default Status. Holder agrees not to declare Maker in default of Maker's financial obligations to Holder in connection with Maker's failure to timely make payment in accordance with the Extension or Amendment, and acknowledges that, as a result of this Second Amendment to Extension, no such default exists or has existed as of the date of this Second Amendment to Extension.

Default Status. Holder agrees not to declare Maker in default of Maker's ’s financial obligations to Holder in connection with Maker's ’s failure to timely make payment in accordance with the Extension or AmendmentExtension, and acknowledges that, as a result of this Second Amendment to Extension, no such default exists or has existed as of the date of this Second Amendment to Extension.