Definition of Possible 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. -4-

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 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.
The Borrowing Group shall not be entitled to obtain the any Advances, LC or Bank Guaranty, or elect an Overall Libor Rate if, at the time of so obtaining or requesting such Advance, LC or Bank Guaranty or electing any Overall Libor Rate, any Event of Default or Possible Default shall then exist or immediately thereafter exist.