Examples of Continuing Default in a sentence
Notwithstanding the foregoing, if a noncompliance or other default exists under this Agreement or any other program document that arose before and is continuing after such Successor Indemnitor either obtains control or becomes Owner of the Development (each a “Continuing Default”), then such Continuing Default shall exist under this Agreement.
In addition, in the event TFS is in default under the Master Lease and such default continues beyond the expiration of the applicable grace period set forth therein (a “Master Lease Continuing Default”), Brillian shall thereafter have the right (but not the obligation) to cure such Master Lease Continuing Default, if Brillian’s cure of such Master Lease Continuing Default is acceptable to Master Landlord and provided that Brillian gives TFS prior written notice of such undertaking.
This report shall focus only on the most recent proposals as of the time of the fact-finding session on October 15, 2009.
There could be very serious consequences for you and (if different) the Nominated Borrowers if you do not meet your commitments under this Agreement and this becomes a Continuing Default under clause 7.4 of the General Terms.
Our promises to you in this clause 4 are subject to our rights under clause 7.4 if an Event of Default becomes a Continuing Default.