Material Potential Default definition

Material Potential Default means a Potential Default under Section 11.01(a) or Section 11.01(h).

Material Potential Default has the meaning set forth in Section 7.3.

Material Potential Default means any Potential Default which involves the nonpayment of money or which, in Landlord's reasonable judgment, threatens or impairs the safety, security, structural integrity, operating systems or value of the Operating Project, (iii) "MATERIAL DEFAULT" means any Material Event of Default or Material Potential Default, and (iv) "POTENTIAL DEFAULT" means an event with respect to which a cure period under SECTION 16.1 has commenced and such event remains uncured.

Examples of Material Potential Default in a sentence

• None of the Borrowers shall make, pay or declare any Permitted RIC Distribution during the continuance of an Event of Default under Section 10.1(a), (i), or (j) or, to the knowledge of any such Credit Party, a Material Potential Default.

• None of the Borrowers shall make, pay or declare any Distribution (as defined below) except as permitted pursuant to its Constituent Documents or Permitted RIC Distributions; provided, however, that during the continuance of an Event of Default or, to the knowledge of any such Credit Party, a Material Potential Default, no Distributions (other than RIC Distributions) shall be permitted to be made, paid or declared if there are any Obligations outstanding hereunder.

• Each of the Borrowers hereby represents and warrants (each as to itself only) that (i) this Amendment constitutes a legal, valid and binding obligation of such Borrower, enforceable against it in accordance with its terms, subject to Debtor Relief Laws and general equitable principles (whether considered a proceeding in equity or at law), and (ii) upon the Effective Date, no Event of Default or, to such Borrower’s knowledge, Material Potential Default shall exist.

• Upon the effectiveness of this Amendment, each of the Borrowers hereby reaffirms, in all material respects, the representations and warranties made by it in the Credit Agreement to the extent the same are not amended hereby (except to the extent of changes in facts or circumstances that have been disclosed to the Administrative Agent and do not constitute an Event of Default or a Material Potential Default or to the extent such representations and warranties relate to an earlier or other specific date).

• No event has occurred and is continuing which constitutes an Event of Default or a Material Potential Default.

• Any amount determined to be paid by any Borrower in error pursuant to this Section 4 shall be, if no Event of Default or Material Potential Default has occurred and is continuing, promptly refunded to such Borrower, or applied to amounts owing by such Borrower hereunder, as such Borrower may elect.

More Definitions of Material Potential Default

Material Potential Default means any condition, act or event which, with the giving of notice or the lapse of time or both, would become an Event of Default specified in Section 10.1(a)(ii), 10.1(i), or 10.1(r).

Material Potential Default means any condition, act or event which, with the giving of notice or the lapse of time or both, would become an Event of Default specified in Section 10.1(a)(ii), 10.1(i), or 10.1(r).