Error, "Sybase Database Error - Syntax error near 'default' on line 13" right after connecting to database (4234931)

After connecting to a server the following error occurs:

Sybase Database Error - Syntax error near 'default' on line 13

Able to click Ignore and Toad resumes as normal. What does this error mean?

WORKAROUND:

Manually enable the Server Quoted_Identifier option by running the following SQL command:

set OPTION Public.quoted_identifier = on

Disconnect and re-connect to the database and the error will not appear.

STATUS:

Waiting for a fix in a future release of Toad for Sybase.