Prospective Default definition

Prospective Default means an event of Default but for the giving of any required notice, the passage of any applicable grace or notice period, or both;
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Prospective Default means an event, circumstance, or condition that would constitute an Event of Default but for the giving of notice, the passage of time, or both.
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Prospective Default means the occurrence of an event that would be a default but for the giving of notice, the passage of time, or both.
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Examples of Prospective Default in a sentence

  • The members of the Bank Group may suspend their obligations to make Advances to Contran upon the occurrence of a Prospective Default or when the LTV is more than 40%.

  • Each of the members of the Bank Group will pay to U.S. Bank such lender's Percentage Interest of any drawing made under any letter of credit within 24 hours of receipt of notice from U.S. Bank of such drawing regardless of the existence of an Event of Default or Prospective Default, or any offset, defense, or counterclaim of Contran.

  • As long as there is no event of Prospective Default and no uncured Event of Default, Contran will have the right to borrow from the Bank Group until the Expiry Date up to the amount Available.

  • The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Termination Event, Specified Default or Prospective Default under the Forbearance Agreement, Default or Event of Default under the Loan Agreement or a waiver of any breach, default or event of default under any other Loan Document or other document held by the Lender, whether or not known to the Lender and whether or not existing on the date of this Amendment.

  • Without limiting the generality of the foregoing, the execution and delivery of this Agreement or any other Loan Document or the making of any Loan shall not be construed as a waiver of any Prospective Default or Event of Default, regardless of whether any Agent, any Lender or any of their respective shareholders, subsidiaries, Affiliates, directors, officers, employees, representatives or agents may have had notice or knowledge of such Prospective Default or Event of Default at the time.

  • In the event and during the continuation of any Prospective Default or Event of Default, unless and until such Prospective Default or Event of Default (each as defined in the relevant Senior Secured Loan Agreement) shall have been remedied or waived, no payment (including any Permitted Payment) shall be made by the Borrower on or in respect of the Subordinated Debt.

  • Bondowner Representative may suspend its obligation to make Disbursements to Borrower at any time a Prospective Default has occurred and is continuing.

  • The Borrower shall not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment unless no Event of Default or Prospective Default has occurred and is continuing or would result from the making of such Restricted Payment.

  • Other accommodation sector stakeholders may be invited to join this group, subject to agreement off all existing members.

  • Prospective Default Carriers shall note if they have any limitations on service, either by geographic ATTACHMENT ACont’d area or type of service.


More Definitions of Prospective Default

Prospective Default means any event or condition that, with the giving of notice or lapse of time, or both, would constitute an Event of Default.
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Related to Prospective Default

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

  • Customer Default has the meaning set out in clause 8.3.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

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

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Actionable Default means (i) an Event of Default under and as defined by the Credit Facility Agreement or (ii) an event of default under the Public Indenture.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Minor Default means any Event of Default that is not a Major Default.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Employer default means having an outstanding balance or liability to the old fund or to the uninsured employers' fund or being in policy default, as defined in W. Va. Code § 23-2c-2, failure to maintain mandatory workers' compensation coverage, or failure to fully meet its obligations as a workers' compensation self-insured employer. An employer is not in employer default if it has entered into a repayment agreement with the Insurance Commissioner and remains in compliance with the obligations under the repayment agreement.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.