Possible Default definition

Possible Default means an event, condition, situation or thing which ---------------- constitutes, or which with the lapse of any applicable grace period or the giving of notice or both would constitute, an Event of Default.

Possible Default means any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.

Possible Default means any event or condition which, with notice or lapse of time or both, would constitute an Event of Default referred to in Section 10 hereof.

Examples of Possible Default in a sentence

• First, we consider whether the failure to meet the October 31, 2011 deadline constitutes a Possible Default under Sections 1.14 and 9.4. The fact that Defendants were not GAAP-compliant on October 31, 2011 does not mean that they failed to cure that violation by the time the Mahers rejected Rowen’s request for the funds, whenever those subsequent events took place.

• This timing matters because Section 9.4 authorizes the Mahers to withhold funds only “while any Possible Default exists.” If the Possible Default dissipated prior to Defendants’ request for funds, so did the Mahers’ justification under Section 9.4. Thus, as we indicated in the Opinion, more evidence is necessary.Relatedly, the Mahers argue that it is not their job to provide additional evidence of an ongoing GAAP violation.

• Because it is not clear if, or when, that Possible Default terminated, (i.e., if Defendants satisfied GAAP), we cannot find at this stage that a Possible Default occurred and continued through the relevant, but unknown, timeframe.

• Possible Default Interest was therefore calculated based on the default interest rates stated in the Wan Chung Loan Agreements.

• Section 4 of the Loan Agreement states:Provided that at the time of such exercise, no Event of Default or Possible Default * * * then exists hereunder or under any other Loan Document, Borrower shall have two (2) options to extend the term of the Loan (each an “Extension Option”).

More Definitions of Possible Default

Possible Default means an event, condition or thing known to the Company 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 Event of Default.

Possible Default means an event, condition, situation or thing which constitutes, or which with the lapse of any applicable grace period or the giving of notice or both would constitute, an Event of Default.

Possible 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 referred to in Article VII hereof and which has not been appropriately waived by Bank in writing or fully corrected prior to becoming an actual event of default.

Possible Default. Any event, situation or thing which, with the lapse of any applicable grace period or the giving of notice or both, would constitute an Event of Default and which has not been consented to by the Bank in writing.

Possible Default means an event or condition 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 referred to in Section 10 hereof and which has not been appropriately waived by the Bank in writing or fully corrected prior to becoming an actual event of default.

Possible Default means, an event, condition or thing which, with the lapse of any applicable grace period or the giving of notice, or both, as may be required, would constitute an Event of Default referred to in Article IX hereof.

Possible 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 Majority Banks in writing or fully corrected prior to becoming an actual Event of Default.