Lombard North plc v European Skyjets

A lender's conduct in granting indulgence to a defaulting borrower can amount to a conditional waiver/affirmation of its right to terminate for past defaults notwithstanding 'no waiver' and reservation-of-rights provisions; a notice to terminate is not invalidated merely because it relies on an invalid ground if a valid ground for termination in fact existed; and where the lender has a discretion to assess matters such as asset value or material adverse change, that discretion must be exercised honestly, rationally and in good faith (Braganza).