Common use of Chronic Default Clause in Contracts

Chronic Default. A party shall be in “Chronic Default” under this Lease at any time that the other party has delivered more than two (2) notices of default to such party hereunder during the previous four (4) years, regardless of whether such defaults were cured within any applicable grace or cure period; provided, however, that any such notice of default relating to a default which was disputed, in good faith, and ultimately determined (by agreement of the parties, arbitration or judicial action) not to be a default shall not be considered for purposes of determining whether a party is in Chronic Default.

Chronic Default. A party shall be in “"Chronic Default” " under this Lease at any time that the other party has delivered more than two (2) notices of default to such party hereunder during the previous four (4) years, regardless of whether such defaults were cured within any applicable grace or cure period; provided, however, that any such notice of default relating to a default which was disputed, in good faith, and ultimately determined (by agreement of the parties, arbitration or judicial action) not to be a default shall not be considered for purposes of determining whether a party is in Chronic Default.