Default

135 For the purpose of subparagraph 133(1)(g)(i), the default of a sponsorship undertaking (a)begins when(i)a government makes a payment that the sponsor has in the undertaking promised to repay, or(ii)an obligation set out in the undertaking is breached; and (b)ends, as the case may be, when(i)the sponsor reimburses the government concerned, in full or in accordance with an agreement with that government, for amounts paid by it, or(ii)the sponsor ceases to be in breach of the obligation set out in the undertaking.