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

• Each such payment shall for all purposes hereunder be deemed to be a Base Rate Loan (it being understood that (i) each Lender’s obligation to make such payment is absolute and unconditional and shall not be affected by any event or circumstance whatsoever, including the occurrence of any Incipient Default hereunder or the failure of any condition precedent set forth in Article 7 to be satisfied and (ii) each such payment shall be made without any offset, abatement, withholding or reduction whatsoever).

• The Lead Agent shall not be deemed to have knowledge of any Incipient Default or Event of Default unless and until it shall have received a written notice describing it and citing the relevant provision of this Agreement or any other Loan Document.

• At any time prior to the date that is one hundred eighty (180) days prior to the last day of the Commitment Period, if no Incipient Default or Event of Default shall have occurred and be continuing (or would result after giving effect thereto), the Borrowers, may, if they so elect, increase the aggregate amount of the Commitments (each such increase to be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000).

• The Lead Agent shall have no fiduciary relationship with the Co-Agent or any Lender by reason of this Agreement and the other Loan Documents, regardless of whether an Incipient Default or Event of Default has occurred and is continuing.

• No Event of Default or Incipient Default exists hereunder, nor will any begin to exist immediately after the execution and delivery hereof.

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 an event that with the giving of notice or passage 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 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.

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