Potential Default definition

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

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Potential Default means the occurrence of any event or existence of any circumstance which, with the giving of notice or lapse of time or both, would become a Default.

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

Examples of Potential Default in a sentence

The Administrative Agent shall be deemed not to have knowledge of any Potential Default or Event of Default unless and until notice describing such Potential Default or Event of Default is given to the Administrative Agent in writing by the Borrower, a Lender or an Issuing Lender.
No Potential Default or Event of Default exists under the Credit Agreement as of the date hereof (after giving effect to this Amendment) and no Potential Default or Event of Default will occur as a result of the effectiveness of this Amendment.
Without limiting the foregoing, at the time of each Advance under the Loan, Borrower shall have furnished such information to Lender as Lender shall reasonably request to evidence that (a) the proceeds of such Advance will be used for the purposes permitted hereunder, and (b) the use of the proceeds in such manner will not cause or bring about a Default or Potential Default hereunder.
The Non-Use Fee shall be waived if (i) as of the date of calculation, no Default or Potential Default shall have occurred and be continuing and (ii) Borrower has been obligated under the Loan for an average outstanding balance of $6,000,000 or more for each of the subsequent twelve (12) month periods of the Loan commencing as of the date hereof.
No Event of Default or Potential Default exists and is continuing.

More Definitions of Potential Default

Potential Default means the occurrence of an event which, under this Borrower Loan Agreement or any other Borrower Loan Document, would, but for the giving of notice or passage of time, or both, be an Event of Default.

Potential Default means the occurrence of any event which, with the passage of time or the giving of notice or both would become an Event of Default. In addition, upon the occurrence and during the continuance of any Event of Default, CoBank may, upon notice to the Company, terminate any commitment and declare the entire unpaid principal balance of the loans, all accrued interest thereon, and all other amounts payable under this agreement, all Supplements, and the other Loan Documents to be immediately due and payable. Upon such a declaration, the unpaid principal balance of the loans and all such other amounts shall become immediately due and payable, without protest, presentment, demand, or further notice of any kind, all of which are hereby expressly waived by the Company. In addition, upon such an acceleration:

Potential Default means any event or condition referenced in Article VII hereof which with notice, passage of time or both would constitute an Event of Default.

Potential Default means any event, fact, circumstance or condition that, if remaining uncured with the giving of applicable notice or passage of time, as applicable, would constitute or be or result in an Event of Default pursuant to this Agreement.

Potential Default means the occurrence of an event which, under this Borrower Loan Agreement or any other Borrower Loan Document, would, but for the giving of notice or the passage of time or both, be an Event of Default.

Potential Default means an event that with the lapse of time or the giving of notice, or both, would become an Event of Default.

Potential Default means an event, condition or thing which with the lapse of any applicable grace period or with the giving of notice or both would constitute, an Event of Default referred to in Section 12 of this Agreement and which has not been appropriately waived in writing in accordance with this Agreement or fully corrected, prior to becoming an actual Event of Default.