Default Condition means the occurrence of any event which, after satisfaction of any requirement for the giving of notice or the lapse of time, or both, would become an Event of Default.

Default Condition means the occurrence or existence of an event or condition which, upon the giving of notice or the passage of time, or both, would constitute an Event of Default;

Default Condition means the occurrence of any of the events specified in Section 8.04 hereof.

Examples of Default Condition in a sentence

Each Loan Party and the Loan Party Representative must immediately notify Lender if a Default Condition exists.
When a Default Condition exists, Lender may from time to time in its discretion (and without any Loan Party’s consent), make Revolving Loans for Borrowers’ account that Lender in its discretion believes are necessary or desirable: (1) to preserve or protect any Collateral; (2) to enhance the likelihood of (or maximize the amount of) the repayment of the Obligations; or (3) to pay any amount chargeable to any Loan Party under the Loan Documents or applicable law.
Any notice of a Default Condition provided by Lender to the Loan Party Representative is treated as notice to each Loan Party.
No Default Condition exists or would exist after giving effect to the requested Advances or Loans (but nonetheless Lender may in its discretion continue to make Advances or Loans, and if it does so that does not (1) waive any Event of Default or Default, (2) establish a course of dealing, or (3) obligate Lender to make any other Advances or Loans).

More Definitions of Default Condition

Default Condition means the occurrence of any event which, ----------------- after satisfaction of any requirement for the giving of notice or the lapse of time, or both, would become an Event of Default.

Default Condition means that either or both a Default and an Event of Default exist.

Default Condition means the occurrence of any event which, after satisfaction of any requirement for the giving of notice or the lapse of time, or both, would become an Event of Default. "Default Rate" means the annual percentage interest rate applied to the principal of the Loan not paid when due under the terms of the applicable Loan Documents, which rate shall equal the sum of Prime Rate plus an additional ______ percent (__%) per annum.

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

Default Condition in respect of any action or event, means that (a) an Event of Default or Potential Default exists immediately before, or will occur as a result of (or otherwise will exist immediately after), the occurrence of that action or event or (b) the occurrence of the event or action will cause any of the representations or warranties (unless they speak to a specific date or are based on facts which have changed by transactions contemplated or expressly permitted by this agreement) in the Credit Documents to be materially incorrect.

Default Condition means the occurrence of any of the events specified in Section 8.1 hereof, in the Note, the Mortgage, or in any of the Collateral Loan Documents which, with the giving of notice or passage of time (or both) would constitute a Default hereunder.

Default Condition means any condition or event which constitutes a Default or which, with the giving of notice or lapse of time or both would, unless cured or waived, become a Default. "Effective Date" means the date on which the Bank receives a fully completed and executed copy of this Agreement.