Definition of Possible Default


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

Examples of Possible Default in a sentence

There shall exist no condition or event constituting an Event of Default or Possible Default.
No Possible Default or Event of Default has occurred and is continuing.
The Borrowing Group shall have no right to elect the use of an Overall Libor Rate if any Event of Default or Possible Default shall exist at the time of election or immediately upon the effectiveness thereof.
The Banks shall not be required to make any Advances or issue any LC under this Credit Agreement if a Possible Default or an Event of Default has occurred and is continuing.
In the event that any such reimbursement is not made, then the Borrowing Group shall be deemed to have made a Borrowing of a Revolving Loan in a principal amount equal to the amount to be reimbursed, all subject to the terms and conditions of this Agreement, except that a Borrowing made under this Section shall be made even if an Event of Default or Possible Default shall then exist or immediately thereafter exist.