Incipient Default definition

Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

Incipient Default any event or condition which, with the giving of notice or the lapse of time, or both, would become an Event of Default.

Incipient Default means any act or event which after the giving of notice or the lapse of time (or both) would constitute an Event of Default.

Examples of Incipient Default in a sentence

• Except in the case of an Incipient Default in payment of principal or interest on any Note, the Indenture Trustee may withhold the notice to Noteholders so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders.

• Where this Indenture provides for notice to each Rating Agency, failure to give the notice shall not affect any other rights or obligations created under this Indenture, and shall not under any circumstance constitute an Incipient Default.

• After any such waiver, the Incipient Default shall cease to exist and be considered to have been cured and not to have occurred, and any Event of Default arising from it shall be considered to have been cured and not to have occurred, for every purpose of this Indenture.

• The Issuer shall deliver to the Indenture Trustee and the Credit Enhancer, within five days after its occurrence, notice in the form of an Officer's Certificate of any Incipient Default under clause (iii), its status, and what action the Issuer is taking or proposes to take with respect to the event.

• If an Incipient Default or Rapid Amortization Event occurs and is continuing and if a Responsible Officer knows of it, the Indenture Trustee shall notify the Credit Enhancer and mail to each Noteholder notice of the Incipient Default or Rapid Amortization Event within 90 days after it occurs.

More Definitions of Incipient Default

Incipient Default an event which after notice and/or lapse of time would constitute an Event of Default.

Incipient Default means an event, condition or thing which constitutes, or which with the lapse of any applicable grace period or the giving of notice or both would constitute, any Event of Default and which has not been appropriately waived by the Lenders in writing or fully corrected prior to becoming an actual Event of Default.

Incipient Default shall have the meaning set forth in Section 3.1(e).

Incipient Default means any event or condition which, with the giving of notice or the lapse of time, or both, would become an Event of Default.

Incipient Default an event or condition, the occurrence of which would, with a lapse of time or the giving of notice or both, become an Event of Default. Indebtedness: for any Person, without duplication, the sum of the following:

Incipient Default means any condition which with the giving of notice or passage of time, or both, would constitute an Event of Default.

Incipient Default means the occurrence of any event or the existence of any circumstance that would entitle Agent or Lessor to send a notice requiring remedial action by Lessee which, if not carried out by Lessee within the applicable grace or cure period as provided in the applicable subsection of Section 19(a) hereof, would result in the existence of an Event of Default hereunder.