CONTINUING EVENTS OF DEFAULT Sample Clauses
The "Continuing Events of Default" clause defines circumstances under which a default, once it has occurred, is considered ongoing until it is remedied or waived. In practice, this means that if a party breaches a key obligation—such as failing to make a payment or violating a covenant—the default status persists, and the non-breaching party may exercise remedies like acceleration or termination until the issue is resolved. This clause ensures that unresolved defaults maintain their legal significance, allowing the non-defaulting party to protect their interests until the default is properly addressed.
CONTINUING EVENTS OF DEFAULT. An event which constitutes an Event of Default shall be regarded as continuing if (a) the circumstances constituting such event continue and (b) the Secured Party has not waived such of its rights under the Financing Documents as arise as a result of the occurrence of that event.
CONTINUING EVENTS OF DEFAULT. 2 1.4 Certificates ............................................ 2 1.5 Statutes ................................................ 3 1.6
CONTINUING EVENTS OF DEFAULT. The failure of Borrowers to timely provide the Bank with unaudited monthly financial statements for the months of June 2000 and July 2000 in accordance with Section 6.6 of the Loan Agreement.
CONTINUING EVENTS OF DEFAULT. An event which constitutes an Event of Default shall be regarded as continuing if (a) the circumstances constituting such event continue and (b) the Trustee has not waived such of its rights under the Financing Documents as arise as a result of the occurrence of that event.