Continuing Default definition

Continuing Default means a default in complying with any statutory obligation or duty which is continuous in nature at the time it is detected and of which the remediation consists exclusively or primarily in ceasing to do the action complained of;

Continuing Default is defined as a non-monetary default by Landlord under the Lease that began prior to Succession, is ongoing and continuing following Succession, is susceptible to being cured, and for which Tenant provided Lender with notice as required hereunder prior to Succession. Successor Landlord shall only have liability for actual damages (not consequential or special damages) that arise after Succession as a result of its failure to cure a Continuing Default.

Continuing Default means an Event of Default that: a in our opinion is not capable of being rectified; b is not rectified within the period required under this Agreement; or c has been rectified by us but you have not paid us in full the costs incurred by us.

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.

• If the Event of Default is not remedied, it will become a Continuing Default.

• If you fail to meet your commitments under this Agreement, and this becomes a Continuing Default, we are not bound to honour the No Negative Equity Guarantee.

• 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.

• In addition, if the failure becomes a Continuing Default, we may be able to cancel the No Negative Equity Guarantee, the Loan Repayment Guarantee, the Lifetime Occupancy Guarantee or the Equity Protection Option (if applicable).

More Definitions of Continuing Default

Continuing Default is defined in Section 13.1.

Continuing Default means (a) an Event of Default has occurred, (b) the non-defaulting party has delivered a notice to the defaulting party specifying the Event of Default and (c) the Event of Default has continued without cure for a period of thirty (30) days following delivery of the Default Notice.

Continuing Default. (except a Default in payment of amounts specified in clause (1) or (2) above) if it determines that withholding notice is in their interests.

Continuing Default at any time, means any Event of Default that is continuing or subsisting or has not been remedied or rectified by the Customer or is waived by the Lender at any time.

Continuing Default shall have the meaning assigned such term in clause (b) of Section 10.01.

Continuing Default means a non-monetary default by Landlord under the Lease (including, any general repair and/or maintenance default under the Lease with respect to the Demised Premises by any prior landlord under the Lease (including Landlord) that (i) is not personal to Landlord, (ii) began prior to Succession, (iii) is ongoing and continuing following Succession, (iv) is reasonably susceptible to being cured by Lender or the Transferee, and (v) Tenant provided Lender with notice as required hereunder prior to Succession, but specifically excluding any construction obligations of Landlord or any prior landlord under the Lease. Lender or the Transferee shall only have liability for actual damages (not consequential or special damages) that arise after Succession as a result of its failure to cure a Continuing Default.

Continuing Default is defined in clause (b) of Section 10.01.